Marvell Technology Group Ltd. (MRVL) Releases Earnings Results, Beats Expectations By $0.07 EPS

Marvell Technology Group Ltd. (MRVL) announced its most recent quarterly financial results on Tuesday, Sep-6-2016. MRVL said it had a profit of $0.18 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.07. Analysts had a consensus of $0.11. The company posted revenue of $626.40 million in the period, compared to analysts expectations of $630.15 million. MRVL’s revenue was down -11.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.74 EPS.

Many Wall Street Analysts have commented on Marvell Technology Group Ltd.. Marvell Technology Group Ltd. was Upgraded by Northland Capital to ” Outperform” on Jul 28, 2016. Company shares were Reiterated by Barclays on Jul 28, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 12 from a previous price target of $10 .Company shares were Reiterated by MKM Partners on Jul 28, 2016 to “Neutral”, Firm has raised the Price Target to $ 14 from a previous price target of $10 .

Marvell Technology Group Ltd. opened for trading at $12.45 and hit $12.88 on the upside on Thursday, eventually ending the session at $12.87, with a gain of 3.79% or 0.47 points. The heightened volatility saw the trading volume jump to 81,79,508 shares. Company has a market cap of $6,579 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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