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Marvell Technology shares start Friday positively after fourth quarter results

"We are making tremendous progress in the transformation of Marvell, and I look forward to the year ahead"
computer chips
Revenue and earnings were ahead of expectations

Marvell Technology Group Ltd (NASDAQ:MRVL) revealed quarterly results including slightly better than expected earnings.

The chip maker generated US$48.8mln of net income for the fourth quarter, marking an improvement from a US$80.1mln loss from the same period of last year. It brought in US$615.4mln of revenue, up from US$566.4mln. It reported earnings of 32 cents per share.

Wall Street analyst consensus had Marvel making 31 cents per share onus$611mln of revenue.

"Our strong fourth quarter and fiscal year results continue to demonstrate that Marvell's strategy is working and that our team is executing it very well," said Matt Murphy, Marvell chief executive.

"We are making tremendous progress in the transformation of Marvell, and I look forward to the year ahead."

Marvell stock rose 0.35% to trade at 24.4p on Friday.



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