Marvell Technology Group Ltd. Q4 Profit Decreases, but beats estimates

(RTTNews) - Marvell Technology Group Ltd. (MRVL) announced a profit for fourth quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line came in at $6.17 million, or $0.01 per share. This compares with $16.54 million, or $0.02 per share, in last year's fourth quarter.

Excluding items, Marvell Technology Group Ltd. reported adjusted earnings of $428.69 million or $0.50 per share for the period.

Analysts on average had expected the company to earn $0.29 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 67.5% to $1.34 billion from $0.80 billion last year.

Marvell Technology Group Ltd. earnings at a glance (GAAP) :

-Earnings (Q4): $6.17 Mln. vs. $16.54 Mln. last year. -EPS (Q4): $0.01 vs. $0.02 last year. -Analyst Estimates: $0.29 -Revenue (Q4): $1.34 Bln vs. $0.80 Bln last year.

-Guidance: Next quarter EPS guidance: $0.48 - $0.54 Next quarter revenue guidance: $1.425 Bln