Marvell shares up after 1Q results beat estimates
Marvell Technology shares climb after 1st-quarter results fall but surpass expectations
SANTA CLARA, Calif. (AP) -- Chip maker Marvell Technology Group Ltd. said Thursday that its first-quarter net income fell sharply as revenue declined, but the results beat Wall Street's expectations. The company's stock rose in extended trading.
The company earned $53.2 million, or 11 cents per share, down 44 percent from $94.5 million, or 16 cents per share, in the same period a year earlier.
Excluding special items, Marvell earned 19 cents per share in the latest quarter.
Revenue fell 8 percent to $734.4 million from $796.4 million.
Analysts, on average, were expecting adjusted earnings of 14 cents per share on revenue of $721.6 million.
"Our results in the first quarter were at the high-end of our guidance mainly due to better than normal seasonal demand and share gains in our storage and networking end markets," Chairman and CEO Sehat Sutardja said in a statement.
For the current quarter, Marvell is forecasting per-share results in the range of earnings of 9 cents to a loss of 2 cents. Excluding items, the company's forecast is for results in the range of earnings of 19 cents to a loss of 2 cents per share.
Analysts were expecting adjusted earnings of 14 cents per share.
Shares rose 69 cents, or 6.1 percent, to $12 in after-hours trading. The stock had closed down 5 cents at $11.31.
