Marvell Technology Group Ltd. Q3 Loss Decreases, beats estimates

(RTTNews) - Marvell Technology Group Ltd. (MRVL) reported Loss for its third quarter that increased from last year and missed the Street estimates.

The company's earnings came in at -$62.53 million, or -$0.08 per share. This compares with -$22.91 million, or -$0.03 per share, in last year's third quarter.

Excluding items, Marvell Technology Group Ltd. reported adjusted earnings of $364.32 million or $0.43 per share for the period.

Analysts on average had expected the company to earn $0.38 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 61.3% to $1.21 billion from $0.75 billion last year.

Marvell Technology Group Ltd. earnings at a glance:

-Earnings (Q3): -$62.53 Mln. vs. -$22.91 Mln. last year. -EPS (Q3): -$0.08 vs. -$0.03 last year. -Analyst Estimate: $0.38 -Revenue (Q3): $1.21 Bln vs. $0.75 Bln last year.

-Guidance: Next quarter EPS guidance: $0.45 - $0.51