AP NEWS

Marvell: Fiscal 3Q Earnings Snapshot

December 3, 2019

HAMILTON, Bermuda (AP) _ Marvell Technology Group Ltd. (MRVL) on Tuesday reported a loss of $82.5 million in its fiscal third quarter.

The Hamilton, Bermuda-based company said it had a loss of 12 cents per share. Earnings, adjusted for one-time gains and costs, came to 17 cents per share.

The results met Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was also for earnings of 17 cents per share.

The chipmaker posted revenue of $662.5 million in the period, which topped Street forecasts. Nine analysts surveyed by Zacks expected $660.2 million.

For the current quarter ending in January, Marvell expects its per-share earnings to range from 15 cents to 19 cents.

Marvell shares have risen 56% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $25.18, a climb of 54% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MRVL at https://www.zacks.com/ap/MRVL