Earlier I reported heavy option activity regarding Marvell Technology before the company posted earnings. After the close Tuesday, the equity revealed more than just its third-quarter numbers - it announced it would eliminate about 400 jobs.
Post-trading, MRVL revealed a third-quarter loss of $6.4 million, or 1 cent a share, on revenue of $758.2 million. (Excluding one-time items, Marvell would have earned 14 cents a share, well above the average analyst estimate of 8 cents a share.) The equity also stated it would shake up its international workforce in an effort to reduce expenses, predicting a layoff of 7% of its employees.
As a result of the news, investors have seemingly gained faith in Marvell's fourth-quarter performance. At last check, the stock was trading more than 4% higher.