Marvell Technology Group Ltd. Q3 Income Retreats 82%

(RTTNews) - Marvell Technology Group Ltd. (MRVL) released earnings for third quarter that declined compared to the same period last year.

The company said its bottom line dropped to $27.96 million, or $0.05 per share. This was down from $154.95 million, or $0.29 per share, in last year's third quarter.

Analysts had expected the company to earn $0.13 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 27.5% to $674.06 million. This was down from $930.14 million last year.

Marvell Technology Group Ltd. earnings at a glance:

-Earnings (Q3): $27.96 Mln. vs. $154.95 Mln. last year. -Earnings Decline (Y-o-Y): -82.0% -EPS (Q3): $0.05 vs. $0.29 last year. -EPS Decline (Y-o-Y): -82.8% -Analysts Estimate: $0.13 -Revenue (Q3): $674.06 Mln vs. $930.14 Mln last year. -Revenue Change (Y-o-Y): -27.5%