Marvell Jumps After Beating Q1 Estimates; Company Delivers Upbeat Outlook

Chip-maker

released its fiscal first-quarter earnings results on Thursday after the closing bell. The company reported earnings per share and revenue which was above Wall Street analysts' consensus estimates and also delivered an upbeat outlook. In late trade, MRVL was last up a little less than 8 percent to $12.16. "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. For the first-quarter, the company reported net income of $53.2 million or $0.11 per share, compared to $94.5 million or $0.16 per share, in last year's corresponding period. On an adjusted basis, which is comparable to analysts' consensus, Marvell reported net income of $98.1 million or $0.19 per share, compared to $138.7 million or $0.23 per share, last year. This easily beat analysts' consensus EPS estimates of $0.14. Revenue in the quarter was down 8 percent to $734.37 million from $796.35 million a year ago. This also came in well ahead of Wall Street revenue estimates of $721.55 million. Looking ahead to Q2, Marvell guided for EPS of $0.09, plus or minus $0.02 per share, and adjusted EPS of $0.19, plus or minus $0.02 per share. Revenue is expected to be between $770 million and $810 million. Currently, analysts have consensus EPS estimates of $0.18 on revenue of $763.48 million for the second-quarter.