Marvell: Fiscal 3Q Earnings Snapshot
Posted December 3, 2020 4:19 pm.
Last Updated December 3, 2020 4:24 pm.
HAMILTON, Bermuda (AP) _ Marvell Technology Group Ltd. (MRVL) on Thursday reported a loss of $22.9 million in its fiscal third quarter.
The Hamilton, Bermuda-based company said it had a loss of 3 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 25 cents per share.
The results met Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was also for earnings of 25 cents per share.
The chipmaker posted revenue of $750.1 million in the period, which missed Street forecasts. Ten analysts surveyed by Zacks expected $750.4 million.
For the current quarter ending in January, Marvell expects its per-share earnings to range from 25 cents to 33 cents.
Marvell shares have climbed 71% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $45.45, an increase of 81% 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
