Why Marvell Technology Isn’t Done Growing Yet

In Marvell Technology Group's (NASDAQ: MRVL) third-quarter earnings report, the chipmaker beat expectations on both the top and bottom lines, and issued terrific guidance that easily bested Wall Street forecasts.

Marvell reported adjusted earnings of $0.34 per share on revenue of $616 million. Though revenue fell 1% year over year thanks to the weakness in the storage business, adjusted net income shot up 53% from the prior-year period because of an aggressive cost-cutting plan.

The good news for Marvell investors is that it expects to resume its top-line growth from the current quarter. The midpoint of company guidance puts the company's fourth-quarter revenue at $610 million, an increase of almost 7% from the year-ago quarter, pushing its adjusted earnings to $0.31 per share from last year's $0.22.

Source: Fool.com