Marvell Technology Group earnings (NASDAQ:MRVL) were stronger than what analysts were calling for in their consensus estimate, sending MRVL stock surging more than 4% after the bell on Tuesday.
For its fiscal third quarter of its 2018, the Santa Clara, Calif.-based company said that its earnings tallied up to 33 cents per share on an adjusted basis. Analysts were calling for the tech company to bring in adjusted earnings of 32 cents per share. Earnings fell about 3% on a per-share basis when compared to the year-ago quarter.
Marvell Technology added that its revenue for the period reached $851 million, which marked a 38% gain compared to its sales from its third quarter of fiscal 2017. Analysts were projecting the company to rake in revenue of $844 million.
For its fourth quarter of its fiscal 2018, the company is calling for adjusted earnings of 32 cents per share on revenue of $810 million. Analysts are calling for the company to bring in adjusted earnings of 33 cents per share, while revenue is projected to reach $848.9 million.
MRVL stock was gaining about 4.7% after the bell on Tuesday afternoon as the company reported its latest quarterly earnings results, which were stronger than what analysts were calling for in the Wall Street consensus estimate. MRVL shares had been declining close to 5.4% during regular trading hours on the day as the company got ready to announce its latest quarterly results.