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's management reassured investors that its long-term opportunity remains unchanged, especially as fast-growing enterprise markets (AI, automotive) are more promising than ever. However, it looks like an overall rebound in growth could take a bit longer than originally anticipated. Is this top semiconductor stock still a buy? 

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). Revenue grew 33% year over year to $5.9 billion, significantly above the chip industry's growth rate of just 3%, as reported by the Semiconductor Industry Association (SIA). Murphy said revenue from cloud-computing data centers and related infrastructure, including Amazon's (NASDAQ: AMZN) Amazon Web Services (AWS), which is a top Marvell customer, grew about 50%; annual revenue from 5G network infrastructure crossed the $600 million mark; and automotive (driven by advanced driver-assist systems) crossed $200 million for the year.

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Source Fool.com