Marvell Technology Group Ltd. (MRVL) Releases Earnings Results, Misses Expectations By $-0.06 EPS

Marvell Technology Group Ltd. (MRVL) reported quarterly earnings results on Wednesday, Jul-27-2016. The company reported $0.01 earnings per share for the quarter, missing the analyst consensus estimate by $-0.06. Analysts had a consensus of $0.07. The company posted revenue of $540.82 million in the period, compared to analysts expectations of $574.62 million. The company’s revenue was down -25.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.13 EPS.

Many Wall Street Analysts have commented on Marvell Technology Group Ltd.. Company shares were Reiterated by MKM Partners on May 3, 2016 to “Neutral”, Firm has raised the Price Target to $ 10 from a previous price target of $9 .

Marvell Technology Group Ltd. opened for trading at $12 and hit $12.05 on the upside on Thursday, eventually ending the session at $11.89, with a gain of 1.89% or 0.22 points. The heightened volatility saw the trading volume jump to 1,73,93,658 shares. Company has a market cap of $6,078 M.

In a different news, on Jun 25, 2015, Zining Wu (Chief Technology Officer) sold 51,312 shares at $14.51 per share price.

Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage enterprise-class Ethernet data switching Ethernet physical-layer transceivers (PHY) mobile handsets connectivity Internet-of-Things (IoT) devices and other consumer electronics. Its products serve diverse applications used in carrier metropolitan enterprise and PC-client data communications and storage systems. In addition the Company serves the consumer electronics market for the convergence of voice video and data applications. As a fabless integrated circuit company the Company relies on independent third-party contractors to perform manufacturing assembly and test functions. The Company’s offers its products to three markets: mobile and wireless storage and networking.

Marvell Technology Group Ltd.

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