UPDATE: Marvell stock slips as earnings meet Street expectations
Marvell Technology Group Ltd. (MRVL) slipped in the extended session Thursday after the chip maker's results and outlook were roughly in-line with Wall Street expectations. Marvell shares fell 3.3% after hours, following a 0.2% decline in the regular session to close at $45.52. The company reported a third-quarter loss of $22.9 million, or 3 cents a share, compared with a loss of $82.5 million, or 24 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 25 cents a share. Revenue rose to $750.1 million from $662.4 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 25 cents a share on revenue of $751 million. Marvell expects adjusted earnings of 25 cents to 33 cents a share on revenue of $745.8 million to $824.3 million for the fourth quarter, while analysts had forecast earnings of 29 cents a share on revenue of $787.6 million. "Strong 5G and Cloud product ramps are fueling our ongoing success in these strategic growth markets," said Matt Murphy, Marvell president and chief executive, in a statement. "Our team is working to mitigate the impact of industry-wide supply constraints that are currently limiting our ability to fully satisfy the increase in demand."
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 03, 2020 16:20 ET (21:20 GMT)
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