WILMINGTON, Del. (AP) — WILMINGTON, Del. (AP) — Marvell Technology, Inc. (MRVL) on Thursday reported fiscal first-quarter earnings of $177.9 million.
On a per-share basis, the Wilmington, Delaware-based company said it had profit of 20 cents. Earnings, adjusted for one-time gains and costs, came to 62 cents per share.
The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.
The chipmaker posted revenue of $1.9 billion in the period, also surpassing Street forecasts. Twelve analysts surveyed by Zacks expected $1.88 billion.
For the current quarter ending in July, Marvell expects its per-share earnings to range from 62 cents to 72 cents.
The company said it expects revenue in the range of $2 billion to $2.01 billion for the fiscal second quarter.
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