Marvell: Fiscal 2Q Earnings Snapshot
HAMILTON, Bermuda (AP) _ Marvell Technology Group Ltd. (MRVL) on Thursday reported a fiscal second-quarter loss of $57.3 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Hamilton, Bermuda-based company said it had a loss of 9 cents. Earnings, adjusted for one-time gains and costs, were 16 cents per share.
The results beat Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 15 cents per share.
The chipmaker posted revenue of $656.6 million in the period, also exceeding Street forecasts. Nine analysts surveyed by Zacks expected $649.8 million.
For the current quarter ending in November, Marvell expects its per-share earnings to range from 15 cents to 19 cents.
Marvell shares have increased 50% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $24.23, an increase of 15% in the last 12 months.