Marvell Technology meets Wall Street estimates in the fiscal third quarter
- Marvell Technology reports £17.02 million of loss in the fiscal third quarter.
- The semiconductor company says its revenue in Q3 printed at £557.59 million.
- Marvell forecasts up to £612.74 million of revenue in the fiscal fourth quarter.
Marvell Technology Group Ltd. (NASDAQ: MRVL) reported its financial results for the fiscal third quarter on Thursday that came in line with what analysts had anticipated.
Shares of the company tanked roughly 4% in extended trading on Thursday. Including the price action, Marvell Technology Group Ltd. is now trading at a per-share price of £32.26 versus £12.82 per share in March due to the COVID-19 disruptions. The stock had started the year at £20.35 per share. Learn more about how to choose winning stocks.
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Marvell’s Q3 financial results versus analysts’ estimates
Marvell said that its loss in the third quarter printed at £17.02 million that translates to 2.23 pence per share. In comparison, it had posted a much broader £61.33 million of loss in the same quarter last year or 17.84 pence per share.
On an adjusted basis, the semiconductor company earned 18.58 pence per share in the recent quarter. In separate news from the U.S., American retail company, Kroger Co., also published its quarterly financial update on Thursday.
In terms of revenue, Marvell reported £557.59 million in Q3 versus the year-ago figure of £492.40 million. In the prior quarter (Q2), the Nasdaq listed company had registered £540.42 million of revenue, as per the report published in late August.
According to FactSet, experts had forecast the company to record £558.26 million of revenue in the third quarter. Their estimate for per-share earnings in Q3 stood at 18.58 pence.
Marvell’s guidance for the fiscal fourth quarter
For the fiscal fourth quarter, the Bermudan-company now forecasts its adjusted earnings per share to fall in the range of 18.58 pence to 24.53 pence. Marvel expects its revenue in Q4 between £554.39 million and £612.74 million. Analysts, on the other hand, are calling for 21.56 pence of adjusted per-share earnings on £585.46 million of revenue.
CEO Matt Murphy commented on the earnings report on Thursday and said:
“Strong 5G and Cloud product ramps are fuelling our ongoing success in these strategic growth markets. Our team is working to mitigate the impact of industry-wide supply constraints that are currently limiting our ability to fully satisfy the increase in demand.”
Marvell Technology performed largely upbeat in the stock market last year with an annual gain of close to 70%. At the time of writing, it is valued at £22.68 billion and has a price to earnings ratio of 22.85.