Marvell Technology Inc reports results for the quarter ended July 31 - Earnings Summary

• Marvell Technology Inc MRVL.OQ reported quarterly adjusted earnings of 67 cents​​ per share for the quarter ended July 31, higher than the same quarter last year, when the company reported EPS of 30 cents. The mean expectation of thirty one analysts for the quarter was for earnings of 66 cents per share. Wall Street expected results to range from 27 cents to 69 cents per share.

• Revenue rose 57.6% to $2.01 billion from a year ago; analysts expected $2.01 billion.

• Marvell Technology Inc's reported EPS for the quarter was 22 cents​.

• The company reported quarterly net income of $194.8 million.

• Marvell Technology Inc shares had fallen by 3.4% this quarter and lost 32.3% so far this year.

FORECAST CHANGES

• The mean earnings estimate of analysts had fallen by about 0.2% in the last three months.​

• In the last 30 days, there have been no earnings estimate revisions by analysts covering the company.

RECOMMENDATIONS

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 33 "strong buy" or "buy," 7 "hold" and no "sell" or "strong sell." The average consensus recommendation for the semiconductors peer group is also "buy"

• Wall Street's median 12-month price target for Marvell Technology Inc is $90.00, about 14.2% above its last closing price of $77.23

This summary was machine generated from LSEG data August 29 at 12:01 a.m. UTC. ​All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)