Marvell Technology Group Ltd. (MRVL) Shares Rise on Earnings Beat

Marvell Technology Group Ltd. (NASDAQ:MRVL) unveiled its third-quarter results after the bell Tuesday.

Marvell Technology Group Ltd. (MRVL)The company said that on an adjusted basis, it raked in a net profit of $171.77 million, earning roughly 34 cents per share, topping the year-ago mark of $111.87 million, or 21 cents per share. Analysts polled by Thomson Reuters were calling for earnings of 33 cents per share on an adjusted basis.

Marvell Technology added that its revenue for the period declined 1.2% to $616.30 million from the year-ago sales total of $623.65 million. Wall Street was calling for revenue of $614 million, according to Zacks Investment Research.

For the fourth quarter of the current fiscal year, the company projects that it will earn between 29 cents and 33 cents per share. It also sees its revenue being in the range of $595 million and $625 million.

Analysts forecast that Marvell Technology will bring in earnings of 28 cents per share, as well as revenue around $598.95 million, both of which are below the consensus estimate.

MRVL stock gained 2.7% Tuesday after the bell following the earnings call–it had lost 47 cents per share during regular trading hours. The stock has had a good year as it’s risen roughly 67.8% over the course of the calendar year.

The last three weeks have been especially good for Marvell Technology as MRVL shares have gained 25.7% since Monday. Nov. 6. The semiconductor provider is based out of Bermuda.

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