Marvell: Fiscal 1Q Earnings Snapshot
HAMILTON, Bermuda (AP) _ Marvell Technology Group Ltd. (MRVL) on Thursday reported a fiscal first-quarter loss of $48.5 million, after reporting a profit in the same period a year earlier.
The Hamilton, Bermuda-based company said it had a loss of 7 cents per share. Earnings, adjusted for amortization costs and stock option expense, were 16 cents per share.
The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 15 cents per share.
The chipmaker posted revenue of $662.5 million in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $650.2 million.
For the current quarter ending in August, Marvell expects its per-share earnings to range from 13 cents to 17 cents.
Marvell shares have climbed 37% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $22.19, a climb of almost 1% in the last 12 months.