Marvell shares rise after topping Wall Street expectations
Marvell Technology Group Ltd 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 falling 6%.
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