Marvell Technology Q2 Profit Tops Estimates; Guides Q3 EPS Below Consensus

(RTTNews) - Chipmaker Marvell Technology Group Ltd. (MRVL) reported net income for the second quarter of $139 million or $0.27 per share, compared to $62 million or $0.12 per share for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was $181 million or $0.34 per share, compared to $118 million or $0.23 per share in the prior year quarter.

Revenue for the second quarter rose 19% to $961.55 million from $807.06 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.28 per share on revenue of $961.56 million for the second quarter. Analysts' estimates typically exclude special items.

Looking forward to the third quarter, the company forecasts revenue of $960 million to $1 billion, earnings per share of of $0.21 +/- $0.02 and adjusted earnings [er share of $0.29 +/- $0.02. Analysts currently expect the company to earn $0.32 per share for the third quarter.