Marvell Technology Group Ltd. (NASDAQ:MRVL) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 7.65%.
Marvell Technology Group Ltd. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 17.39% to $0.19 in the quarter versus EPS of $0.23 in the year-earlier quarter.
Revenue: Decreased 7.78% to $734.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Marvell Technology Group Ltd. reported adjusted EPS income of $0.19 per share. By that measure, the company beat the mean analyst estimate of $0.14. It beat the average revenue estimate of $721.55 million.
Quoting Management: “Our results in the first quarter were at the high-end of our guidance mainly due to better than normal seasonal demand and share gains in our storage and networking end markets,” said Dr. Sehat Sutardja, Marvell’s Chairman and Chief Executive Officer. “Starting in the second quarter of fiscal 2014, we expect many of our investments and key initiatives across all of our end markets to produce tangible results. More specifically, we expect growth to be driven by increased traction in areas such as mobile handsets, tablets, connectivity and SSDs.”
Key Stats (on next page)…