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.

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