Marvell Technology Group Ltd. (MRVL) Posted Q4 Earnings Beat

Marvell Technology Group Ltd. (NASDAQ:MRVL) reported its fourth-quarter earnings results after the bell Thursday.

Marvell Technology Group Ltd. (MRVL)The company — which specializes in storage, networking and connectivity semiconductor solutions — unveiled revenue of $615 million for the period, which topped its year-ago sales of $571 million. Analysts were calling for revenue of $611 million.

Marvell Technology Group announced net income of $49 million, or 10 cents per share. Adjusted earnings from continuing operations came in at $165 million for its fourth quarter, or 32 cents per share. The figure was better than the company’s year-ago adjusted earnings of 22 cents per share, while also beating the Wall Street consensus estimate of 31 cents per share.

“Our strong fourth quarter and fiscal year results continue to demonstrate that Marvell’s strategy is working and that our team is executing it very well,” said Marvell Technology President and CEO Matt Murphy. “We are making tremendous progress in the transformation of Marvell, and I look forward to the year ahead.”

For its first quarter of fiscal 2018, Marvell Technology Group is projecting revenue of $585 million to $615 million, while GAAP diluted earnings from continuing operations is slated to be in the range of 22 cents to 26 cents per share.

Non-GAAP diluted earnings from continuing operations are expected to be in the range of 29 cents to 33 cents per share. GAAP operating expenses are estimated to be around $250 million to $260 million, while adjusted operating expenses are expected to be roughly $215 million.

MRVL stock fell 2.5% after the bell Thursday.

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