Marvell Technology Group Ltd. Stock Edges Higher on Earnings Beat

Marvell Technology Group Ltd. (NASDAQ:MRVL) reported its latest quarterly earnings results after hours Thursday, which sent shares higher as the company beat expectations.

Marvell Technology Group Ltd.The storage, communications and consumer semiconductor products producer announced a profit for its first quarter of the current fiscal year that topped the same figure from a year ago. Its net income amounted to $128.61 million, or 25 cents per share, which is better than its net income from the year-ago quarter of $106.62 million, or 21 cents per share.

On an adjusted basis, Marvell Technology Group reported earnings of $164.67 million, which was roughly 32 cents per share and it was above the year-ago total of $125.54 million in adjusted earnings. Wall Street was calling for the company to bring in adjusted earnings of 31 cents per share, according to data compiled by Thomson Reuters.

The storage producer’s revenue for the period tallied up 5.6% to $604.63 million from the year-ago period’s total of $572.71 million. The figure was also slightly ahead of the $602 million that analysts polled by Thomson Reuters were calling for.

For its second quarter of the current fiscal year, Marvell Technology Group predicts that it will bring in adjusted earnings of 34 cents per share, which is above the 33 cents per share that Wall Street is projecting. It also forecasts revenue of $615 million, below the $621 million that analysts predict.

MRVL stock fell about 2.1% during regular trading hours before surging back up nearly 1% after the bell.

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