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Actionable news in MRVL: Marvell Technology Group Ltd.,

Marvell Tech shares tick higher as earnings, outlook beat Street view

Marvell Technology Group Inc. MRVL, -0.47% shares rose in the extended session Tuesday after the chipmaker's quarterly results and outlook topped Wall Street views. Marvell shares advanced 2.7% to $23.90 after hours. The company reported third-quarter net income of $200.2 million, or 40 cents a share, compared with $72.6 million, or 14 cents a share, in the year-ago period. Adjusted earnings were 34 cents a share. Revenue declined to $616.3 million from $623.7 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 33 cents a share on revenue of $613.7 million. For the fourth quarter, Marvell estimates adjusted earnings of 29 cents to 33 cents a share. Analysts expect earnings of 28 cents a share. Last week, Marvell offered to buy Cavium Inc. CAVM, -0.05% in a deal valued at about $6 billion.


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