Marvell Technology Q2 Results Top Estimates

(RTTNews) - Marvell Technology Group Ltd. (MRVL) reported net income for the second quarter of $61.8 million or $0.12 per share, compared to $93.1 million or $0.16 per share for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was $117.9 million or $0.23 per share, compared to $142.0 million or $0.24 per share in the prior year quarter.

Revenue for the second quarter fell 1% to $807.06 million from $816.10 million in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $0.19 per share on revenue of $790.53 million for the second quarter. Analysts' estimates typically exclude special items.

Looking forward to the third quarter, the company forecasts revenue of $850 million to $890 million, earnings per share of $0.15 +/- $0.02 and adjusted earnings per share of $0.25 +/- $0.02.

Analysts currently expect the company to earn $0.24 per share on revenue of $843.43 million for the third quarter.