Shares of chip maker Marvell Technology Group (MRVL) were briefly higher in late trading, but are now down 10 cents at $13.20 after the company said it will initiate a quarterly dividend of 6 cents per share, starting with a payment on July 11th to all shareholders of record as of June 21st.
Marvell also increased its share repurchase authorization by half a billion dollars, to $2.5 billion.
The company is due to report its fiscal Q1 report this afternoon.
Update: Marvell reported Q1 revenue of $796 million, and EPS of 23 cents, topping the consensus $768 million and 20 cents. The stock is now up 38 cents, almost 3%, at $13.68.
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