Marvell Technology Rises on Q2 Earnings Results

Shares of Marvell Technology MRVL are trading higher in the after-hours following the release of the company's Q2 earnings results. Currently, shares are higher by 0.67%, trading at $12.05; they ended the regular session lower by 6.85%, at $11.97. Marvell Technology reported Q2 EPS of $0.38 on revenues of $898 million; the Street was looking for $0.37 per share on revenues of $889.1 million. Revenues increased 0.2% year over year. "We continue to execute well on all of our new product initiatives including in our Mobile and Wireless end market which grew 18% sequentially," said Dr. Sehat Sutardja, Marvell's Chairman and Chief Executive Officer. "Our second quarter results were at the high-end of our earlier projected range and we experienced solid revenue growth in all our served end markets leading to increased profitability. Looking forward, we continue to focus our investments on initiatives designed to increase revenue and profit through both new products and share gains." Marvell Technology Group Ltd. is a fabless semiconductor provider of application-specific standard products.