By Kristin Jones
Marvell Technology Group Ltd.’s
/quotes/zigman/82457/quotes/nls/mrvl MRVL
-0.44%
mercantile first-quarter gain fell 44% as a chip builder available falling income and aloft handling costs.
Shares jumped 7% after hours to $12.10 Thursday, however, as core gain exceeded a company’s expectations, and income fell in line.
Marvell, that creates chips and tools for tough drives, networking apparatus and mobile devices, has posted timorous increase recently. The association has been harm by evaporating direct for personal computers, as good as debility during a vital mobile patron Research In Motion Ltd. (BBRY, BB.T). A slack in China’s mercantile expansion has also crimped demand.
Chief Executive Sehat Sutardja pronounced Thursday a association has available share gains in storage and networking markets. The association expects to see second-quarter expansion driven by increasing traction in areas such as mobile inclination and connectivity, he said.
For a entertain finished May 4, Marvell reported a distinction of $53.2 million, or 11 cents a share, down from $94.5 million, or 16 cents a share, a year earlier. Excluding share-based remuneration and other items, gain fell to 19 cents from 23 cents a share.
Revenue was down 7.8% to $734.4 million.
The association had targeted practiced per-share gain of 14 cents a share, and or reduction dual cents, on income of $700 million to $740 million.
Gross domain edged wider to 54.3% from 54%.
Operating losses rose 5.9%, as investigate and growth costs increased.
For a stream quarter, a association projected practiced per-share gain of 19 cents, and or reduction dual cents, on income of $770 million to $810 million. Analysts polled by Thomson Reuters approaching gain of 18 cents on income of $763 million.
Through Thursday’s close, a batch was adult 56% given a start of a year.
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Article source: http://www.marketwatch.com/story/marvell-technology-earnings-fall-44-shares-up-2013-05-23
