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Investors Disappointed With Marvell's Q2 Revenue And Outlook

Marvell Technology Group Ltd. MRVL announced mixed results for the second quarter. While adjusted EPS came in above expectations, revenue fell shy of the estimates.

The company reported net income of $51 million, or $0.10 a share, compared to a net loss of $771.94 million, or a loss of $1.49 a share, in the year-ago quarter. On an adjusted basis, it would have earned $92 million, or $0.18 a share. This is better than the Street expectations of $0.11 a share.

Marvell generated revenue of $626.4 million, down 12 percent from $710.49 million in the previous year quarter. This is show of the analysts' predictions of $629.96 million.

President and CEO Matt Murphy said, "We are also beginning to see the benefits of improved focus on product cost as well as a more disciplined approach to spending, which resulted in better than expected earnings per share."

Going forward the company guided third quarter EPS to be $0.03-$0.08 and adjusted EPS between $0.08 and $0.13. Analysts are looking for an EPS of $0.14.

Aside from these, Marvell pointed out an error in the first quarter earnings. The revised adjusted net income increased from $6.5 million to $9.3 million and EPS from $0.01 to $0.02 in the first quarter.

Shares traded down by $0.15, or 1.15 percent, to $12.86 in pre-market trading.

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