Marvell Technology Reports Q4 Earnings Beat, Shares Higher

Marvell Technology Group MRVL shares are trading higher after the company reported better-than-expected fourth-quarter EPS and sales results.

The company reported fourth-quarter earnings of 17 cents per share, which beat the analyst consensus estimate of 16 cents by 6.25%. This is a 32% decrease over earnings of 25 cents per share from the same period last year.

The company reported quarterly sales of $717.671 million, which beat the analyst consensus estimate of $712.95 million by 0.66%. This is a 3.64% decrease over sales of $744.799 million the same period last year.

Marvell sees first-quarter adjusted EPS at 11-17 cents versus the 13-cent estimate, sales $680 million versus the $674.8 million estimate.

Marvell shares were trading up 11.7% at $25.25 in Wednesday's after-hours session. The stock has a 52-week high of $28.86 and a 52-week low of $18.08.