RTTNews | Dec 2, 2021 04:09PM EST

16:08 Thursday, December 2, 2021 (RTTNews.com) - Marvell Technology Group Ltd. (MRVL) reported Loss for its third quarter that increased from last year and missed the Street estimates.

The company's earnings came in at -$62.53 million, or -$0.08 per share. This compares with -$22.91 million, or -$0.03 per share, in last year's third quarter.

Excluding items, Marvell Technology Group Ltd. reported adjusted earnings of $364.32 million or $0.43 per share for the period.

Analysts on average had expected the company to earn $0.38 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 61.3% to $1.21 billion from $0.75 billion last year.

Marvell Technology Group Ltd. earnings at a glance:

-Earnings (Q3): -$62.53 Mln. vs. -$22.91 Mln. last year.-EPS (Q3): -$0.08 vs. -$0.03 last year.-Analyst Estimate: $0.38-Revenue (Q3): $1.21 Bln vs. $0.75 Bln last year.

-Guidance:Next quarter EPS guidance: $0.45 - $0.51

Read the original article on RTTNews ( https://www.rttnews.com/3246548/marvell-technology-group-ltd-q3-loss-decreases-beats-estimates.aspx)

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