Marvell Tech Group (MRVL) plunged in late-hours following laidback quarterly results

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Marvell Tech Group (MRVL) slid -5.98% to $42.8 in the after-hours session following its quarterly results.

The firm posted $750 million in third-quarter sales on earnings of 25 cents per share. With profits of 25 cents per share, analysts were expecting sales of $750.1 million.

“In the third fiscal quarter, Marvell continued to make solid sales growth. Total sales grew year on year by 13 percent. Boosted through our networking sector, which grew year on year by 35 percent in revenue. In these strategic growth areas, strong 5G and Cloud product ramps are boosting our continued success,” said Matt Murphy, President, and CEO of Marvell.

The organization predicts sales of $785 million +/- 5 percent for the fiscal fourth quarter vs. an expectation of $787.4 million. Marvell expects earnings to range from 25 cents to 33 cents per share for the year, in line with expectations of 29 cents per share.

Demand continues to rise, and we are expecting mid-point sales for the fourth fiscal quarter to increase sequentially by around 5 percent. Our team is trying to minimize the effect of supply restrictions around the market that are currently restricting our ability to support the rise in demand completely,” said Murphy.

Marvell recently revealed that it had signed an agreement to buy a cash-and-stock deal from rival semiconductor group Inphi (IPHI).

At the time, Marvell announced it was preparing to reorganize so that the joint venture would be headquartered in the U.S. The new entity would have an estimated valuation of around $40 billion.

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