Marvell (NASDAQ:MRVL) earnings for the semiconductor company’s fiscal third quarter of 2020 have MRVL stock down after-hours on Tuesday. This comes after reporting adjusted earnings per share of 17 cents on revenue of $662.47 million. For comparison, Wall Street was expecting 17 cents per share and $664.51 million in revenue.
Let’s take a closer look at the most recent Marvell earnings report.
- Adjusted per-share earnings are down 48.48% from the 33 cents reported during the same time last year.
- Revenue comes in up roughly 1% from the $656.57 million reported in the fiscal third quarter of 2019.
- The Marvell earnings report also includes an operating loss of -$61.51 million.
- This is a 33.05% worse result than the company’s operating loss of -$46.23 million reported in the same period of the year prior.
- Net loss of $82.50 million is 43.90% wider YoY from a net loss of -$57.33 million.
Marvell President and CEO Matt Murphy has this to say about the MRVL stock earnings.
“Marvell delivered solid results for the third quarter and I am pleased that our storage business grew sequentially led by a strong performance from our enterprise and datacenter products.”
The current Marvell earnings report also includes its outlook for fiscal Q4 2020. The company is expecting adjusted earnings per share for the period to range from 15 cents to 19 cents. That’s not looking good for MRVL stock with Wall Street’s estimate sitting at 21 cents per share.
MRVL stock was down slightly after markets closed on Tuesday. The stock also closed out the day down 2.52%.