Keep Your Eyes on This Stock: Marvell Technology Group Ltd. (NASDAQ: MRVL)

Marvell Technology Group Ltd. (NASDAQ: MRVL) stock dropped -2.51% and closed at 37.36. The stock opened the session at $37.66 and touched its highest price point at $38.47. Its recent trading capacity is 10050566 shares versus to its average trading volume of 8180862 shares.

Keep Your Eyes on This Stock: Marvell Technology Group Ltd. (NASDAQ: MRVL)

Marvell Technology Group Ltd. (MRVL) recently stated financial results for the second quarter of fiscal year 2021.

Revenue for the second quarter of fiscal 2021 was $727M, which exceeded the midpoint of the Company’s guidance provided on May 28, 2020. GAAP net loss for the second quarter of fiscal 2021 was $(158)M, or $(0.24) per diluted share. Non-GAAP net income for the second quarter of fiscal 2021 was $140M, or $0.21 per diluted share. Cash flow from operations for the second quarter was $226M.

Marvell’s third quarter guidance takes into account the U.S. Government’s export restrictions on certain Chinese consumers. Given the ongoing uncertainty associated with COVID-19 and related public health measures, we also have temporarily widened the guidance range on revenue.

Third Quarter of Fiscal 2021 Financial Outlook

Revenue is predictable to be $750M +/- 5%.

GAAP gross margin is predictable to be about 51.4%.

Non-GAAP gross margin is predictable to be about 63%.

GAAP operating expenses are predictable to be about $368M.

Non-GAAP operating expenses are predictable to be about $280M.

GAAP diluted income (loss) per share is predictable to be $(0.04) to $0.04 per share.

Non-GAAP diluted income per share is predictable to be $0.22 to $0.28 per share.

Company’s performance for the week was -2.33%, 1.99% for month and YTD performance remained 40.66%. The price moved ahead of 4.74% from the mean of 20 days, 4.07% from mean of 50 days SMA and performed 30.26% from mean of 200 days price.

 

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