Benzinga | Dec 3, 2020 04:14PM EST

Recap: Marvell Technology Group Q3 Earnings

Shares of Marvell Technology Group (NASDAQ:MRVL) fell 3.34% after the company reported Q3 results.

Quarterly Results

Earnings per share rose 47.06% year over year to $0.25, which were in line with the estimate of $0.25.

Revenue of $750,143,000 higher by 13.23% year over year, which missed the estimate of $750,970,000.

Guidance

Marvell Sees Q4 Adj. EPS $0.25-$0.33 vs $0.29 Estimate, Sales $785M +/- 5% vs $787.4M Estimate

Conference Call Details

Date: Dec 03, 2020

Time: 04:45 PM

ET Webcast URL: https://edge.media-server.com/mmc/p/xfnjutdj

Recent Stock Performance

52-week high: $47.21

Company's 52-week low was at $16.45

Price action over last quarter: Up 18.73%

Company Description

Marvell Technology designs integrated circuits primarily for data storage, networking, and communications. Historically, the firm focused on storage, where it is still a key supplier to hard-disk drive and solid-state drive makers but has strategically emphasized networking to offset declining HDD technology. The firm has since diversified via acquisitions and supplies chips to the networking and consumer electronic spaces. Marvell outsources its production to third-party foundries.