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.
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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