Marvell Technology Q3 Results Top Wall Street, Shares Up 5%

(RTTNews) - Shares of Marvell Technology Group Ltd. (MRVL) gained 5% in extended hours Tuesday after the semiconductor company's third-quarter earnings and revenues trumped Wall Street estimates.

Net loss for the third quarter was $53.8 million or $0.08 per share, compared to last year's net income of $200.2 million or $0.40 per share last year.

Adjusted earnings for the quarter were $0.33 per share, down from $0.34 per share last year. On average, 24 analysts polled by Thomson Reuters estimated earnings of $0.32 per share for the quarter. Analysts estimates' typically exclude one-time items.

Third-quarter revenues grew to $851.1 million from $616.3 million last year. Analysts had a consensus revenue estimate of $844.82 million for the quarter.

"In the first full quarter operating as a combined Marvell and Cavium team, we completed key integration milestones ahead of schedule, delivered revenue above the midpoint of our guidance, and generated strong free cash flow at 30 percent of revenue," said CEO Matt Murphy.

Looking forward to the fourth quarter, Marvell expects adjusted earnings of $0.30 to $0.34 per share and revenues of $790 million to $830 million. Analysts currently estimate earnings of $0.33 per share and revenues of $856.29 million.

MRVL closed Tuesday's trading at $15.50, down $0.88 or 5.37% on the Nasdaq. The stock, however, gained $0.71 or 4.58% in the after-hours trading.