Marvell Technology Group Earnings: Here’s Why Shares are Up Now
Marvell Technology Group Ltd. (NASDAQ:MRVL) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.54%.
Marvell Technology Group Ltd. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 4.17% to $0.23 in the quarter versus EPS of $0.24 in the year-earlier quarter.
Revenue: Decreased 1.1% to $807.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Marvell Technology Group Ltd. reported adjusted EPS income of $0.23 per share. By that measure, the company beat the mean analyst estimate of $0.19. It beat the average revenue estimate of $791.3 million.
Quoting Management: “Our results in the second quarter were at the high-end of our guidance mainly due to better demand and share gains in our storage end market and strong double digit growth in our mobile and wireless end markets,” said Dr. Sehat Sutardja, Marvell’s Chairman and Chief Executive Officer. “Many of our customers are introducing new devices using our innovative solutions, which should drive continued success across all of our end markets. We expect growth to be driven by increased traction in areas such as mobile handsets, tablets, connectivity, smart home devices and SSDs.”
Key Stats (on next page)…