Why Marvell Technology (MRVL) Stock Is Down in After-Hours Trading Today

NEW YORK (TheStreet) -- Marvell Technology  (MRVL) fell in after-hours trading Thursday after the company issued weak third-quarter guidance in its second-quarter earnings report.

Marvell expects revenue in the range of $960 million to $1 billion, while the consensus estimate calls for $1.01 billion.

The company reported a year-over-year increase in adjusted income in the second quarter to $181 million, or 34 cents a share, from $118 million, or 23 cents a share. Revenue rose to $962 million from $807 million in the same period one year earlier. Analysts had expected earnings of 28 cents a share on revenue of $961.56 million.

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The stock was down 1.39% to $13.45 at 4:42 p.m.

Separately, TheStreet Ratings team rates MARVELL TECHNOLOGY GROUP LTD as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate MARVELL TECHNOLOGY GROUP LTD (MRVL) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and reasonable valuation levels. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."

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