The Chip Downturn Finally Comes for Marvell Technology: Is the Stock Still a Buy?
The final months of top chip design company Marvell Technology Group's (NASDAQ: MRVL) fiscal 2023 (the three months ended January 2023) was full of puts and takes. The company grew its revenue and profitability on a year-over-year basis in the fourth quarter, but the immediate-term outlook soured as the current downturn in the chip industry has finally come for Marvell. Marvell CEO Matt Murphy and the top team delivered a stellar fiscal 2023 (the 12 months ended in January 2023, corresponding mostly to calendar year 2022).