Novell and Marvel Announce EarningsFriday, December 4, 10:26 AM ET
Two major players in the tech sector announced earnings after the bell yesterday.
Chip maker Marvell Technology group said that fiscal third quarter profit incrased sharply due to declining expenses and higher revenues.
Marvell earned $201.6 million, or 32 cents per share, versus $70.9 million, or 12 cents per share in the same quarter last year. Revenue, meanwhile, increased two percent to $803 million, and operating expesnes fell 14 percent to $291.4 million.
Results beat expectations for a profit of 27 cents per share, with sales of $770 million.
Computer networking software and technology services company Novell, meanwhile, reported a larger loss, with decline revenues and asset write-downs.
The company lost $255.7 million, or 74 cents per share, verus $16.4 million, or 5 cents per share, in the quarter last year. Revenue dropped 12 percent to $215.6 million from $244.7 million.
Analysts had expected a 7 cent per share profit, with sales of $215.7 million.
Novell poseted a loss of $212.7 million, or 62 cents per share, comparied with $8.7 million, or 4 cents per share, last year. Revenue dropped 10 percent to $862.2 million from $956.5 million.
The company is working to improve its cost structure amid declining revenues due to lower technology spending in the sector.
For MarketNewsVideo.com, I'm Justin Shackil.
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