NEW YORK (TheStreet) -- Marvell Technologies (MRVL) shares are down 2.23% to $14.05 in after-hours trading on Thursday after the semiconductor company reported its first quarter earnings results after the closing bell today.
The company reported non-GAAP net income of $71 million, or 13 cents per diluted share, about half the 25 cents per share the company reported during the same period a year ago. Revenue for the quarter also fell, down 16% year over year to $724 million.
Analysts on average were expecting the company to report earnings of 12 cents per share on revenue of $727.2 million.
For the current quarter the company forecast earnings between 10 cents and 12 cents per share. Analysts' on average are expecting the company to report earnings of 14 cents per share during the period.
Separately, the company also announced today that CFO Mike Rashkin will be retiring tomorrow after 16 years with the company. VP of finance Sukhi Nagesh will take over as interim CFO following Rashink's departure.
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 some important positives, 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 largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations, expanding profit margins and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income."