Shares of semiconductor manufacturer Marvell Technology, Inc. (MRVL) are rising 5 percent on Tuesday's trading as the company's results for the first quarter came in above market expectations. Marvel Technology also forecast high growth for the second quarter.
The company reported first-quarter net loss of $88.2 million or $0.13 per share, narrower than last year's loss of $113.0 million or $0.17 per share last year.Adjusted earnings for the quarter was $0.29 per share, compared to a loss of $0.18 per share last year.
Revenues for the quarter rose 20 percent to $832.3 million from $693.6 million last year.
Analysts polled by Thomson Reuters estimated earnings of $0.27 per share on revenues of $804.12 million for the quarter.
Currently trading at $50.97, the stock has traded between $32.53 and $55.70 in the past 52 weeks.
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