Marvell Pulling Back After Earnings

Marvell Technology MRVL released its first quarter earnings results on Thursday after the closing bell. The company reported GAAP net income of $147 million or $0.22 per share, compared to $206 million or $0.30 per share, in the year ago period. On a non-GAAP basis, net income was $189 million or $0.29 per share, compared to $260 million or $0.38 per share, in the last year's corresponding quarter. Wall Street analysts had consensus EPS estimates of $0.30 going into the report. Revenues for the quarter came in at $802 million, which as a 6% decline from the $856 million Marvell reported in the year ago quarter. This missed Wall Street consensus revenue estimates of $826.12 million. "The results for our first quarter reflected the typical seasonality of our consumer centric end markets," said Sehat Sutardja, Marvell's Chairman and Chief Executive Officer. In the after hours trading session, MRVL shares are down 2.20% to $14.24.