Marvell (MRVL) Earnings No Longer “Preliminary”
August 23, 2007 by Douglas A. McIntyreMarvell Technology Group Ltd. (NASDAQ:MRVL) posted earnings of $0.06 non-GAAP EPS on revenues of $656.7 million, compared to estimates of $0.06 EPS on revenues of $645.5 million according to First Call. The coming quarter is expected to have $0.10 EPS on $693 million.
The company did not give formal guidance as its conference call will come later, but here is a quote from the release: "Our Q2 revenue was greater than expected as a result of strong sales for our communications and applications processors, and our wireless LAN products," stated Dr. Sehat Sutardja, Marvell’s President and CEO. "We currently believe this growth trend will continue in Q3."
The best news is now that they are current on their filings they no longer report on a preliminary basis with full results pending. On a GAAP basis, Marvell posted a -$0.10 loss per share. Shares used to compute GAAP net loss per diluted share decreased to 587.5 million shares compared with 633.5 million shares for the second quarter ended July 29, 2006.
So far shares are up modestly by 0.8% in after-hours trading, although shares closed up almost 1% today in regular trading at $17.85 on over 19 million shares.
Jon C. Ogg
August 23, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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