Marvell Technology Group Ltd. (NASDAQ:MRVL) has posted earnings with non-GAAP EPS at $0.14 on $758.2 million in revenues; First Call had estimates at $0.08 EPS on $710.1 Million in Revenues. Its non-GAAP margins were 48.3%.
Marvell also announced cost cutting measures that will be a reduction in headcount of approximately 400 employees, or approximately 7% of its workforce.
Shares closed up over 4% today, on hopes of stronger earnings, at $16.65; its 52-week trading range is $15.25 to $21.85 and this one was up at $35.00 briefly almost two-years ago. Shares are up about 1.5% in after-hours trading at $16.90.
Unfortunately, the company did not give guidance so we won’t rule this a formal victory or loss until after the conference call data is out.
Jon C. Ogg
November 27, 2008
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