When Marvell Technology Group Ltd. (NASDAQ: MRVL) released its fiscal first-quarter financial results late on Thursday, the company said that it had $0.32 in earnings per share (EPS) and $604.6 million in revenue. Consensus estimates had called for $0.31 in EPS on revenue of $602.01 million. In the same period of last year, Marvell said it had EPS of $0.24 and $579.18 million in revenue.

During the most recent quarter, gross margin was 62.5%, up from about 60% in the first quarter of last year.

Cash flow from operations for the first quarter was $129 million. Cash, cash equivalents and short term investments totaled $1.88 billion at the end of the quarter, up from $1.84 billion at the end of the previous fiscal year.

Looking ahead to the fiscal second quarter, the company expects to see EPS in the range of $0.32 to $0.36 and revenues between $600 million and $630 million. Gross margin is expected to be roughly 64%. Consensus estimates call for $0.33 in EPS and $621.04 million in revenue for the quarter.

Matt Murphy, Marvell’s president and CEO, commented:

Fiscal 2019 is off to a strong start, driven by the performance of our storage, networking and connectivity businesses which grew 7% year over year in Q1. Marvell’s R&D engine is executing well, and our newly announced products are fueling a growing design win pipeline. Overall, I’m pleased with the results and thank the entire Marvell team for their effort and contribution.

Shares of Marvell were last seen up about 3% at $22.17, with a consensus analyst price target of $28.11 and a 52-week trading range of $14.87 to $25.18.

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