Marvell Technology Group Ltd. (NASDAQ:MRVL)’s shares surged 3.22% on Thursday that its Q3 profit plunged on lower demand for PCs, but the chipmaker’s adjusted earnings met market anticipations.
The Santa Clara, Calif.-based firm made $68.8M, or 12 cents a share, for the quarter that ended Oct. 27. That is drop from $195.1 million, or 32 cents a share, a year before. Adjusting for acquisition costs, restructuring costs and other items, it generated 20 cents a share evaluated with 24 cents a share previous year.
Revenue plunged 18% to $780.9M.
Analysts polled by FactSet anticipated 20 cents a share on revenue of $773.9M.
Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) traded at $7.41 by increasing +0.70% with price volatility of 3.64% for a week and 3.39% for a month plus price volatility’s Average True Range for 14 days was 0.29 and its beta stands at 1.18 times.
Stocks after opening at $7.43 hit high price of $7.61 and on last session stock held volume of 12.00 million shares which was unexpectedly higher than its average volume of 11.92 million shares.
Short-term as well long term investors always focus on the liquidity of the stocks so for that concern, liquidity measure in recent quarter results of the company was recorded 4.68 as current ratio. The Company had total cash at hand $2.13 billion and a book value per share as $8.61 in the most recent quarter.
While investors who viewing MRVL against other stocks with the reference of profit margin that are Broadcom Corporation (NASDAQ:BRCM) small declined -1.24%, Taiwan Semiconductor Mfg. Co. Ltd. (ADR) (NYSE:TSM) gain +0.85%, Skyworks Solutions Inc (NASDAQ:SWKS) slid -2.32% and MEMC Electronic Materials, Inc. (NYSE:WFR) edged up +1.75%.
Please make sure to read and completely understand our disclaimer at https://www.wallstreetpr.com/disclaimer. While reading this article one must assume that we may be compensated for posting this content on our website.