SANTA CLARA (dpa-AFX) - Corrects third para to show first quarter revenue fell 8% from last year, and not increased as was previously mentioned:
Marvell Technology Group Ltd. (MRVL) reported net income for the first quarter of $53.2 million or $0.11 per share, compared to $94.5 million or $0.16 per share for the year-ago quarter.
Excluding items, adjusted net income for the first quarter was $98.1 million or $0.19 per share, compared to $138.7 million or $0.23 per share in the prior year quarter.
Revenue for the first quarter fell 8% to $734.37 million from $796.35 million in the same quarter last year.
Analysts polled by Thomson Reuters expected the company to earn $0.14 per share on revenue of $721.55 million for the first quarter. Analysts' estimates typically exclude special items.
Looking forward to the second quarter, the company forecast revenue of of $770 million to $810 million, earnings of $0.09 per share, +/- $0.02 per share, and adjusted earnings of $0.19 per share, +/- $0.02 per share. Analysts currently expect the company to earn $0.18 per share on revenue of $763.48 million for the second quarter.
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