Marvell Technology Slips After Q3 Earnings, Outlook Shy Of Estimates

(RTTNews) - Shares of Marvell Technology, Inc. (MRVL) are falling more than 7% Friday morning after the company's third quarter earnings missed analysts' view. Fourth-quarter outlook also came in below consensus estimates.

Profit for the third quarter was $13.3 million or $0.02 per share, higher than $4.3 million or $0.01 per share a year ago.

Excluding one-time items, earnings were $492 million, or $0.57 per share, that missed the average estimate of analysts polled by Thomson-Reuters of $0.59 per share.

Quarterly revenue was $1.537 billion, up from $1.517 billion last year.

Looking forward to the fourth quarter, the company expects revenue to be about $1.4 billion+/-5%. The consensus estimate stands at $1.61 billion.

Adjusted EPS for the quarter is expected to be in the range of $0.41-$0.51. Analysts expect earnings of $0.62 per share.

MRVL, currently at $42.17, has traded in the range of $35.30-$93.85 in the last 1 year.