Marvell Technology falls to a loss in 1st-quarter
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Marvell Technology Group Ltd., which makes chips used in phone networks, said Thursday it fell to a loss in the fiscal first quarter as sales plunged 35 percent. The company lost $39.5 million, or 6 cents per share, in the quarter ended May 2, compared with net income of $69.9 million, or 11 cents per share, a year earlier.
Marvell said it would have earned $31.9 million, or 5 cents per share, after excluding $62 million in stock-based compensation expenses and write-offs of acquired intangible assets, plus other items. A year earlier, the comparable profit figure, which doesn’t conform to generally accepted accounting principles, was $150.4 million, or 24 cents per share.
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