Marvell: Fiscal Q2 Earnings Snapshot

August 25, 2022 GMT

WILMINGTON, Del. (AP) _ Marvell Technology, Inc. (MRVL) on Thursday reported fiscal second-quarter net income of $4.3 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Wilmington, Delaware-based company said it had net income of 1 cent. Earnings, adjusted for one-time gains and costs, were 57 cents per share.

The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.

The chipmaker posted revenue of $1.52 billion in the period, which also beat Street forecasts. Twelve analysts surveyed by Zacks expected $1.51 billion.

For the current quarter ending in November, Marvell expects its per-share earnings to range from 56 cents to 62 cents.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MRVL at https://www.zacks.com/ap/MRVL