Marvell Technology Q1 Adj. Profit Tops View - Quick Facts

(RTTNews) - Marvell Technology Group Ltd. (MRVL) reported first-quarter net income of $99.5 million, or $0.19 per share, compared to $53.2 million, or $0.11 per share in the year-ago quarter.

Excluding items, adjusted net income for the latest first quarter rose to $144.2 million or $0.27 per share, from $98.1 million, or $0.19 per share in the prior year quarter. On average, 26 analysts polled by Thomson Reuters expected the company to earn $0.22 per share. Analysts' estimates typically exclude special items.

Revenue for the latest first quarter rose 30% to $957.83 million from $734.37 million in the same quarter last year, while 25 analysts expected revenue of $892.25 million.

Looking forward to the second quarter, the company forecasts earnings per share of $0.21 +/- $0.02, adjusted earnings per share of $0.28 +/- $0.02 and revenue of $940 million to $980 million.

Analysts currently expect the company to earn $0.26 per share on revenue of $930.10 million for the second quarter.