Marvell: Fiscal 1Q Earnings Snapshot
Posted May 28, 2020 04:58:13 PM.
Last Updated May 28, 2020 05:00:09 PM.
HAMILTON, Bermuda (AP) _ Marvell Technology Group Ltd. (MRVL) on Thursday reported a loss of $113 million in its fiscal first quarter.
On a per-share basis, the Hamilton, Bermuda-based company said it had a loss of 17 cents. Earnings, adjusted for amortization costs and stock option expense, came to 18 cents per share.
The results beat Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 14 cents per share.
The chipmaker posted revenue of $693.6 million in the period, also surpassing Street forecasts. Nine analysts surveyed by Zacks expected $677.8 million.
For the current quarter ending in August, Marvell expects its per-share earnings to range from 17 cents to 23 cents.
Marvell shares have climbed 13% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $29.97, a rise of 40% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MRVL at https://www.zacks.com/ap/MRVL
The Associated Press