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Marvell Reports Second Quarter of Fiscal Year 2018 Financial Results
Source: Marvell   Editor: Helan   Update Time :2017/9/20 15:50:50

Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in storage, networking and connectivity semiconductor solutions, today reported financial results for the second fiscal quarter of fiscal year 2018. Revenue for the second quarter of fiscal 2018 was $605 million, which exceeded the midpoint of the Company's guidance provided on May 25, 2017.

GAAP net income from continuing operations for the second quarter of fiscal 2018 was $135 million, or $0.26 per share. Non-GAAP net income from continuing operations for the second quarter of fiscal 2018 was $153 million, or $0.30 per diluted share. Cash flow from operations for the second quarter was $101 million.

"I am pleased to report that our second quarter results demonstrated Marvell's continued transformation as a company, achieving revenue above the midpoint of our guidance, improved profitability and continued return of capital to shareholders," said Matt Murphy, Marvell's President and CEO. "I'm proud of our team -- in a competitive environment, we are delivering innovative solutions that our customers clearly value."

Third Quarter of Fiscal 2018 Financial Outlook

Revenue is expected to be $595 million to $625 million.

GAAP and non-GAAP gross margins are expected to be approximately 61% to 62%.

GAAP operating expenses are expected to be $230 million to $240 million.

Non-GAAP operating expenses are expected to be $205 million to $210 million.

GAAP diluted EPS from continuing operations is expected to be in the range of $0.25 to $0.31 per share.

Non-GAAP diluted EPS from continuing operations is expected to be in the range of $0.30 to $0.34 per share.

Discontinued Operations

The Company's financial results for prior periods presented herein have been recast to reflect certain businesses that were classified as discontinued operations during the fourth quarter of fiscal year 2017 and second quarter of fiscal year 2018.

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