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Marvell Technology (MRVL) Reports In-Line Q3 EPS, Revenues Miss; Offers Q4 EPS Guidance Below Consensus, Q4 Revenues Outlook Above Consensus

December 3, 2019 4:08 PM

Marvell Technology (NASDAQ: MRVL) reported Q3 EPS of $0.17, in-line with the analyst estimate of $0.17. Revenue for the quarter came in at $662 million versus the consensus estimate of $664.51 million.

"Marvell delivered solid results for the third quarter and I am pleased that our storage business grew sequentially led by a strong performance from our enterprise and datacenter products. In addition, we ramped our first 5G product shipments in volume, successfully responding to our customer's aggressive schedule requests, ahead of the plan we had laid out early this year," said Matt Murphy, Marvell's President and CEO. "We also recently completed the strategic acquisitions of Aquantia, a pioneer in multi-gig ethernet, and Avera, a leader in custom ASICs. These acquisitions broaden our technology portfolio for infrastructure customers and expand our addressable market by approximately $4 billion."

GUIDANCE:

Marvell Technology sees Q4 2020 EPS of $0.15-$0.19, versus the consensus of $0.21. Marvell Technology sees Q4 2020 revenue of $747-753 million, versus the consensus of $699.5 million.

Fourth Quarter of Fiscal 2020 Financial Outlook

For earnings history and earnings-related data on Marvell Technology (MRVL) click here.

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