Marvell (MRVL) this afternoon posted revenue for its fiscal second quarter ended July 31 of $896 million, a bit shy of Street estimates at $906.8 million. Non-GAAP profits of 40 cents a share were in line with the Street. Revenue was up 5% sequentially and 40% year-over-year.
The chip maker also announced plans to buy back up to $500 million of its common stock.
In the release, the company noted that it is seeing “a softening macroeconomic environment for PCs.”
In late trading, MRVL is up 6 cents, at $14.97.
Update: For FY Q3, the company sees revenue of $930 million to $970 million, with non-GAAP profits of 41-44 cents a share, ahead of the Street at $958.8 million and 41 cents.
Update 2: The stock is now up $1.29, or 8.7%, to $16.20.
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