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Marvell: Fiscal 2Q Earnings Snapshot

HAMILTON, Bermuda (AP) _ Marvell Technology Group Ltd. (MRVL) on Thursday reported fiscal second-quarter earnings of $6.8 million.

The Hamilton, Bermuda-based company said it had net income of 1 cent per share. Earnings, adjusted for one-time gains and costs, came to 28 cents per share.

The results did not meet Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.

The chipmaker posted revenue of $665.3 million in the period, surpassing Street forecasts. Seven analysts surveyed by Zacks expected $615.5 million.

For the current quarter ending in November, Marvell expects its per-share earnings to range from 30 cents to 34 cents.

The company said it expects revenue in the range of $825 million to $865 million for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $637.1 million.

Marvell shares have declined slightly more than 9 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $19.46, a rise of 11 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