Marvell Technology shares slip after earnings, outlook top Street
Marvell Technology Group Ltd. (MRVL) shares slipped in the extended session Thursday even after the chipmaker's quarterly results and outlook topped Wall Street estimates. Marvell shares declined 1.5% after hours, following a 2.7% gain to close the regular session at $24.32. The company reported fourth-quarter net income of $48.8 million, or 10 cents a share, compared with a loss of $80.1 million, or 16 cents a share, in the year-ago period. Adjusted earnings were 32 cents a share. Revenue rose to $615.4 million from $566.4 million in the year-ago period. Analysts surveyed by FactSet had estimated 31 cents a share on revenue of $611 million.
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
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