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Marvell: Fiscal 1Q Earnings Snapshot

HAMILTON, Bermuda (AP) _ Marvell Technology Group Ltd. (MRVL) on Thursday reported fiscal first-quarter earnings of $128.6 million.

The Hamilton, Bermuda-based company said it had profit of 25 cents per share. Earnings, adjusted for one-time gains and costs, came to 32 cents per share.

The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.

The chipmaker posted revenue of $604.6 million in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $601.4 million.

For the current quarter ending in August, Marvell expects its per-share earnings to range from 32 cents to 36 cents.

The company said it expects revenue in the range of $600 million to $630 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $621.3 million.

Marvell shares have risen slightly since the beginning of the year. In the final minutes of trading on Thursday, shares hit $21.54, an increase of 25 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MRVL at https://www.zacks.com/ap/MRVL