NEW YORK (TheStreet) -- Marvell Technology (MRVL) shares are down 1.9% to $13.05 in after-hours trading on Thursday after the fabless semiconductor provider reported its third quarter earnings results after the closing bell today.
Marvell Technology reported revenue of $930 million for the quarter, short of the $931.2 million the company reported during the same period last year, and well short of the $976.1 million analysts were expecting the company to generate this quarter.
The company also reported earnings of $155 million, or 29 cents per diluted share on an adjusted basis, which was in line with analysts' expectations for the period.
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 a number of 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 attractive valuation levels. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."