Marvell Technology Q3 Profit Tops Estimate; Revenue Falls Short

(RTTNews) - Marvell Technology Group Ltd. (MRVL) reported net income for the third quarter of of $115 million or $0.22 per share, compared to $103 million or $0.21 per share for the year-ago quarter.

Excluding items, adjusted net income for th third quarter was $155 million or $0.29 per share, compared to $163 million or $0.32 per share in the prior year quarter.

Revenue for the third quarter declined to $930.14 million from $931.23 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.29 per share on revenue of $976.14 million for the third quarter. Analysts' estimates typically exclude special items.

Looking forward to the fourth quarter, the company forecasts revenue of $880 million to $900 million, earnings per share of $0.16 +/- $0.02 and adjusted earnings per share of $0.24 +/- $0.02. Analysts currently expect the company to earn $0.26 per share on revenue of $930.89 million for the fourth quarter.