Marvell Technology (NASDAQ:MRVL) stock experienced plenty of movement on Thursday as the stock was sinking during regular trading hours but recovered late in the day following the company’s strong quarterly earnings showing.
The storage and networking services provider said that for its second quarter of fiscal 2018, it brought in net profit of $6.76 million, or a penny per share. The figure was stronger than its year-ago net income of $165.26 million, or 32 cents per share.
On an adjusted basis when considering one-time gains and costs, Marvell Technology amassed earnings of 28 cents per share. However, the company did not meet Wall Street’s guidance as the average estimate of 10 analysts who were polled by Zacks Investment Research were projecting adjusted earnings of 34 cents per share for the period.
The tech company added that its revenue for the quarter reached $665.3 million, which was stronger than what Wall Street was calling for. Analysts’ sales guidance was $615.5 million.
For its current quarter, Marvell Technology sees its earnings as being in the range of 30 cents to 34 cents per share on an adjusted basis. The company also sees its revenue as being in the range of $825 million to $865 million for its third quarter, ahead of the $637.1 million that analysts surveyed by Zacks forecast.
The company’s strong quarterly earnings showing helped to increase its stock’s value by nearly 8.5% after the bell on Thursday. Shares were down close to 5% during regular trading hours as the company readied itself to report for the period.