Marvell Technology reports $6.4 million loss
SAN FRANCISCO (MarketWatch) — Marvell Technology Group Ltd. on Tuesday reported a third-quarter loss of $6.4 million, or a penny a share, on $758.2 million in revenue, compared to earnings of $6 million, or a penny a share, on revenue of $520.4 million during the same period a year ago. Excluding one-time items, the communications and storage semiconductor developer would have earned $86.2 million, or 14 cents a share. By that measure, Marvell beat the estimates of analysts surveyed by Thomson Financial, who forecast a profit of 8 cents a share on $712 million in sales. Marvell also said it would cut about 400 jobs, or 7% of its workforce, and take a charge of $8 million in its fiscal fourth quarter.
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