Marvell Technology Group Ltd. Profit Falls 91% In Q1

(RTTNews) - Marvell Technology Group Ltd. (MRVL) revealed earnings for first quarter that fell from last year.

The company said its bottom line fell to $6.52 million, or $0.01 per share. This was down from $71.08 million, or $0.13 per share, in last year's first quarter.

Analysts had expected the company to earn $0.07 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 25.3% to $540.82 million. This was down from $724.29 million last year.

Marvell Technology Group Ltd. earnings at a glance:

-Earnings (Q1): $6.52 Mln. vs. $71.08 Mln. last year. -Earnings Decline (Y-o-Y): -90.8% -EPS (Q1): $0.01 vs. $0.13 last year. -EPS Decline (Y-o-Y): -92.3% -Analysts Estimate: $0.07 -Revenue (Q1): $540.82 Mln vs. $724.29 Mln last year. -Revenue Change (Y-o-Y): -25.3%

-Guidance: Next quarter EPS guidance: $0.10 to $0.12 Next quarter revenue guidance: $625 - $635 Mln