Marvell (MRVL) Slumps After Q2 Miss on Top and Bottom; Issues Weak Q3 Outlook
Tweet Send to a Friend
Get Alerts MRVL Hot Sheet
Price: $11.34 +0.27%
EPS Growth %: -17.4%
Financial Fact:
Net revenue: 816.1M
Today's EPS Names:
ANF, DXLG, FL, More
EPS Growth %: -17.4%
Financial Fact:
Net revenue: 816.1M
Today's EPS Names:
ANF, DXLG, FL, More
Trade MRVL Now!
Shares of Marvell Technology Group (Nasdaq: MRVL) are moving lower in after-hours trading on Thursday following a second-quarter earnings and sales miss amid tough macro pressure.
The company reported revenue that was below consensus at $814 million vs. $854 expected. In 2011, Marvell’s revenue was 9 percent higher at $897.5 million. The company blamed the poor performance on a slowdown in the macro-economic environment that impacted our storage and mobile end markets.
Earnings for the quarter were 3c below street estimates at 24c vs. 27c expected. GAAP gross margin for the second quarter of fiscal 2013 was 53.2 percent, compared to 54.0 percent for the first quarter of fiscal 2013 and 57.9 percent for the second quarter of fiscal 2012.
"Despite the soft near-term demand environment, we are maintaining good profitability and continue to deliver shareholder value through our share repurchase and dividend programs," said Dr. Sehat Sutardja, Marvell's Chairman and Chief Executive Officer.
On the call today, Marvell guided to third-quarter 2013 revs of $800 million to $850 million and adjusted EPS of 24 cents +/- 2 cents, versus consensus views calling for revs of $912.9 million and EPS of 32 cents
Shares of Marvell Technology Group are lower by 6.75 percent following the company’s earnings report.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
The company reported revenue that was below consensus at $814 million vs. $854 expected. In 2011, Marvell’s revenue was 9 percent higher at $897.5 million. The company blamed the poor performance on a slowdown in the macro-economic environment that impacted our storage and mobile end markets.
Earnings for the quarter were 3c below street estimates at 24c vs. 27c expected. GAAP gross margin for the second quarter of fiscal 2013 was 53.2 percent, compared to 54.0 percent for the first quarter of fiscal 2013 and 57.9 percent for the second quarter of fiscal 2012.
"Despite the soft near-term demand environment, we are maintaining good profitability and continue to deliver shareholder value through our share repurchase and dividend programs," said Dr. Sehat Sutardja, Marvell's Chairman and Chief Executive Officer.
On the call today, Marvell guided to third-quarter 2013 revs of $800 million to $850 million and adjusted EPS of 24 cents +/- 2 cents, versus consensus views calling for revs of $912.9 million and EPS of 32 cents
Shares of Marvell Technology Group are lower by 6.75 percent following the company’s earnings report.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Abercrombie & Fitch Co. (ANF) Misses Q1 EPS by 4c; Guides FY Below Views
- JMP Securities Downgrades Marvell (MRVL) to Market Underperform
- Marvell Technology Group (MRVL) Tops Q1 EPS by 5c; Issues Solid Outlook
Create E-mail Alert Related Categories
Earnings, GuidanceRelated Entities
Dividend, Stock Buyback, Earnings
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
