Marvell Technology (MRVL) Issues Updated Revenue Guidance

Marvell (NASDAQ: MRVL) today announced the completion of the sale of its Wi-Fi Connectivity business to NXP (NASDAQ: NXPI). The divestiture encompasses Marvell's Wi-Fi and Bluetooth technology portfolios and related assets.

Updated Revenue GuidanceMarvell is updating its current quarter revenue guidance to reflect the Wi-Fi Connectivity business sale to NXP. The Company now anticipates fourth quarter FY20 revenue of $710 million +/- 3% vs. original guidance for $750 million +/- 3% as provided at the time of the third quarter earnings announcement on December 3, 2019.

You May Also Be Interested In

• Fox upgraded to overweight as Roku deal, ad strength lift outlook
• Star Equity Holdings (STRR) Misses Q2 EPS by 8c
• Wolverine World Wide (WWW) PT Raised to $26 at Stifel as Multiple Can Move Higher