Marvell Technology Tops Third-Quarter Earnings Expectations
Istock

Shares of Marvell Technology Group Ltd. (MRVL) rebounded close to 5% in after-hours trading on Tuesday, Dec. 4, after the semiconductor company reported better-than-expected fiscal third-quarter earnings and provided slightly improved guidance for its fiscal fourth quarter.

The Santa Clara, Calif.-based company reported adjusted income from continuing operations of $222 million, or 33 cents a share, on net revenue of $851 million for the quarter ended Nov. 3, vs. $616 million a year earlier. Analysts surveyed by FactSet expected per-share earnings excluding extraordinary items of 32 cents on sales of $844 million.

On a GAAP basis, Marvell reported a loss of $54 million, or 8 cents a share, in the quarter, vs. earnings of $200 million, or 30 cents a share, in the year-earlier period. 

Marvell said it expects revenue between $790 million and $830 million for fiscal fourth quarter, and non-GAAP income per share from continuing operations between 30 cents and 34 cents.

Marvell stock jumped 4.8% in after-hours trading, rising 75 cents to $16.25 on the Nasdaq Stock Exchange after falling 5.4%, or 88 cents, to $15.50 in regular trading on Tuesday. U.S. stock markets are closed Wednesday to honor former President George H.W. Bush, who died last Friday.

More from Earnings

Jim Cramer on Why McDonald's Is a Safe Haven in a Volatile Market

Jim Cramer on Why McDonald's Is a Safe Haven in a Volatile Market

CalAmp Shares Plunge on Revised Guidance, Analyst Downgrades

CalAmp Shares Plunge on Revised Guidance, Analyst Downgrades

DSW Leaps as Shoe Retailer Posts Strong Earnings, Guidance

DSW Leaps as Shoe Retailer Posts Strong Earnings, Guidance

Big Lots Stock Suffers 23% Post-Earnings Drop

Big Lots Stock Suffers 23% Post-Earnings Drop

Trading Strategies: Understanding the Markets Going Into 2019

Trading Strategies: Understanding the Markets Going Into 2019