WILMINGTON, Del. (AP) — WILMINGTON, Del. (AP) — Marvell Technology, Inc. (MRVL) on Wednesday reported fiscal first-quarter profit of $34.5 million.
The Wilmington, Delaware-based company said it had profit of 4 cents per share. Earnings, adjusted for one-time gains and costs, were 80 cents per share.
The results met Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was also for earnings of 80 cents per share.
The chipmaker posted revenue of $2.42 billion in the period, which beat Street forecasts. Eleven analysts surveyed by Zacks expected $2.4 billion.
For the current quarter ending in July, Marvell expects its per-share earnings to range from 88 cents to 98 cents.
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