Marvell Q2 EPS Beats Street; Q3 Outlook Disappoints
Marvell Technology Group (NASDAQ: MRVL) shares trended down after hours when the company said third-quarter results won't meet Street views.
Marvell forecast third-quarter adjusted earnings of $0.27 to $0.31 a share, on revenue of $960 million to $1 billion. Analysts expect $0.32 on revenue of $1.1 billion.
The semiconductor manufacturer's second-quarter earnings beat analysts expectations by more than 20 percent while revenue was essentially in line with the consensus.
Free cash flow in the recent period totaled $137 million, compared with $211 million first quarter and $66 million a year earlier.
Gross margin widened to 50.3 percent from 48.4 percent a year earlier, while second-quarter operating expenses fell to $363.4 million from $369 million.
Second-quarter net income grew 20 percent to $138.9 million, or $0.27 a share, from $61.8 million or $0.12 a share a year earlier. Adjusted income was $0.34 a share.
Revenue grew 19 percent to $961.5 million, from $807.1 billion a year earlier.
Wall Street expected adjusted income of $0.28 a share on revenue of $961.6 million.
Marvell traded recently after-hours at $13.50, down one percent.
Editor's note: A previous version of this story contained incorrect free cash flow, second-quarter operating expenses, net income and revenue numbers.
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