By Wallace Witkowski
Marvell Technology Inc. shares rallied nearly 16% in the extended session Thursday after the chip maker’s results and outlook topped Wall Street estimates.
Marvell /zigman2/quotes/200053236/composite MRVL -4.47% shares ended the extended session up 15.9%, following a 0.1% advance in the regular session to close at $71.03. Shares are up 56% over the past 12 months, compared with a 40% gain by the PHLX Semiconductor Index /zigman2/quotes/210598361/realtime SOX -1.90% and a 25% gain by the S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.04% .
The company reported a third-quarter loss of $62.5 million, or 8 cents a share, compared with $22.9 million, or 3 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 43 cents a share, compared with 25 cents a share in the year-ago period.
Revenue rose to $1.21 billion from $750.1 million in the year-ago quarter.
Analysts surveyed by FactSet had forecast 38 cents a share on revenue of $1.15 billion.
Marvell forecast adjusted earnings of 45 cents to 51 cents a share on revenue of $1.28 billion to $1.36 billion for the fourth quarter. The forecast includes contributions from the company’s recent acquisition of Innovium Inc.
Analysts had estimated earnings of 42 cents a share on revenue of $1.21 billion for the fourth quarter.