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May 28, 2020, 4:59 p.m. EDT

Marvell shares rise after topping Wall Street expectations

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By Max A. Cherney

Marvell Technology Group Ltd /zigman2/quotes/200053236/composite MRVL +0.64% shares rose 5.8% in the extended session Thursday after the company topped adjusted earnings expectations. The company reported a first-quarter loss of $133 million, or 17 cents a share, compared with a net loss of $48.5 million, or 7 cents a share, in the year-ago period. Adjusted for amortization of intangible assets, among other items, earnings were 18 cents a share. Revenue rose to $693.6 million from $662.5 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 14 cents a share on revenue of $679.6 million. For the second quarter, analysts expect earnings of 16 cents a share and sales of $686 million. Marvell said it expects second-quarter adjusted earnings of 17 cents to 23 cents a share and revenue that will be within 5% of $720 million. Marvell stock has gained 12.8% this year, with the S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.05% falling 6%.

/zigman2/quotes/200053236/composite
US : U.S.: Nasdaq
$ 38.31
+0.25 +0.64%
Volume: 5.89M
July 10, 2020 4:00p
P/E Ratio
17.08
Dividend Yield
0.63%
Market Cap
$25.36 billion
Rev. per Employee
$764,415
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/zigman2/quotes/210599714/realtime
US : S&P US
3,185.04
+32.99 +1.05%
Volume: 2.40B
July 10, 2020 4:15p
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