UPDATE: Marvell Reports Downbeat Q2 Results

Marvell Technology Group Ltd

reported a 52% decline in its fiscal second-quarter earnings. Marvell's quarterly net income dropped to $93 million, or $0.16 per share, from $192 million, or $0.31 per share, in the year-ago period. Its adjusted earnings came in at $0.24 per share. Its revenue fell 9% to $816 million. However, analysts were projecting earnings of $0.27 per share on revenue of $851.7 million. Marvell shares dropped 9.61% to $11.10 in after-hours trading.