Marvell Technology Group Ltd.'s (MRVL) GAAP net income for the fourth quarter of fiscal 2013 fell to $50 million, or $0.09 per share, from $81 million, or $0.13 per share in the same quarter of fiscal 2012.
Non-GAAP net income for the quarter was $104 million, or $0.19 per share compared to $127 million, or $0.21 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.13 per share for the quarter. Analysts' estimates typically exclude special items.
"Fiscal year 2013 was a disappointing year for Marvell. Industry hard disk drive unit shipments declined for the year offsetting share gains, the networking end market was relatively flat and we endured a product transition in Mobile." stated Dr. Sehat Sutardja, Marvell's Chairman and Chief Executive.
Meanwhile, revenue for the latest quarter increased 4 percent to $775 million, from $743 million in the year-ago quarter, while thirty analysts had a consensus revenue estimate of $720.89 million for the quarter.
Looking forward to the first quarter of 2014, the company expects GAAP per share earnings of $0.04, plus or minus $0.02, with Non-GAAP profit of $0.14, plus or minus $0.02 per share.
Also, the company expects to report revenue in a range of $700 million to $740 million for the first quarter. The Street expects the company to earn $0.13 per share on revenues of $707.82 million.
In addition, Marvell said it intends to pay its next quarterly dividend of $0.06 per share on April 4, to all shareholders of record on March 14, 2013.
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