Marvell Technology Q3 Adj. Profit Tops View - Quick Facts

(RTTNews) - Marvell Technology Group Ltd. (MRVL) reported net income for the third quarter of $103.2 million, or $0.21 per share, compared to $68.8 million, or $0.12 per share for the year-ago quarter.

Excluding items, adjusted net income for the latest third quarter rose to $163.4 million or $0.32 per share, from $112.9 million, or $0.20 per share in the prior year quarter. On average, 28 analysts polled by Thomson Reuters expected the company to earn $0.25 per share. Analysts' estimates typically exclude special items.

Revenue for the third quarter fell 1% to $931.23 million from $780.88 million in the same quarter last year, while 27 analysts expected revenue of $870.62 million for the third quarter.

Looking forward to the fourth quarter, the company forecasts earnings per share of $0.16 +/- $0.02, adjusted earnings per share of $0.25 +/- $0.02 and revenue of $850 million to $890 million.

Analysts currently expect the company to earn $0.23 per share on revenue of $844.27 million for the fourth quarter.