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Marvell reports 4Q loss

HAMILTON, Bermuda (AP) _ Marvell Technology Group Ltd. (MRVL) on Thursday reported a fiscal fourth-quarter loss of $80.1 million, after reporting a profit in the same period a year earlier.

The Hamilton, Bermuda-based company said it had a loss of 16 cents per share. Earnings, adjusted for restructuring costs and pretax expenses, were 22 cents per share.

The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.

The chipmaker posted revenue of $571.4 million in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $565.8 million.

For the year, the company reported net income of $21.2 million, or 4 cents per share, swinging to a profit in the period. Revenue was reported as $2.32 billion.

For the current quarter ending in May, Marvell expects its per-share earnings to range from 19 cents to 23 cents.

Marvell shares have increased 14 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $15.85, an increase of 59 percent in the last 12 months.


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


Keywords: Marvell Technology, Earnings Report