- Marvell Technology reports 3rd-quarter loss of $61.7 million
HAMILTON, Bermuda (AP) _ Marvell Technology Group Ltd. (MRVL) on Monday reported a fiscal third-quarter loss of $61.7 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Hamilton, Bermuda-based company said it had a loss of 12 cents. Earnings, adjusted for restructuring costs and stock option expense, came to 5 cents per share.
The results fell short of Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 13 cents per share.
The chipmaker posted revenue of $674.1 million in the period, which also fell short of Street forecasts. Ten analysts surveyed by Zacks expected $725.1 million.
Marvell shares have decreased 36 percent since the beginning of the year. The stock has fallen 39 percent in the last 12 months.
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