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Marvell Technology (MRVL) Tops Q3 EPS by 8c; Issues Mixed Q4 Outlook

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Marvell Technology Group Ltd. Reports Third Quarter of Fiscal 2017 Financial Results

November 17, 2016 4:06 PM EST

SANTA CLARA, Calif., Nov. 17, 2016 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in storage, networking, and connectivity semiconductor solutions, today reported financial results for the third quarter of fiscal 2017, ended October 29, 2016.  Revenues for the third quarter of fiscal 2017 were $654 million which exceeded the Company's guidance provided on September 6, 2016.

GAAP net income for the third quarter of fiscal 2017 was $73 million, or $0.14 per share (diluted). Non-GAAP net income for the third quarter of fiscal 2017 was $105 million, or $0.20 per share (diluted). Cash flow from operations for the quarter was $121... More

Marvell Technology Group Ltd. Announces $1 Billion Share Repurchase Plan; Declares Quarterly Dividend Payment

November 17, 2016 4:05 PM EST

SANTA CLARA, Calif., Nov. 17, 2016 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in storage, networking, and connectivity semiconductor solutions, today announced that the Board of Directors has authorized a $1 billion share buyback program.  This newly authorized stock repurchase program replaces in its entirety the prior $3.25 billion stock repurchase program, which had approximately $115 million of repurchase authority remaining.  The Company currently intends to repurchase approximately $500 million worth of shares over the next 12 months.

Under the program authorized by its Board of Directors, Marvell may repurchase shares in open-market purchases or... More