Marvell (MRVL) Ekes Out Q4 Win Amid Slimming Margins; CEO Issues Dovish Outlook
Revenue for the quarter came in at $742.7 million, down 17.5 percent over the same period last year.
Net income fell 64 percent to $80.7 million, or 13 cents per share. After adjusting for certain items like restructuring and acquisition related costs, earnings were a more robust 21 cents per share.
The Street was looking for revs of $740.3 million and EPS of 18 cents.
Non-GAAP gross margin in the quarter dropped from 59.4 percent during the same quarter last year to 54.5 percent.
"During fiscal 2012, Marvell was successful in several new products and initiatives. Our China TD business is now producing tangible results, our SSD revenue has exceeded expectations and our networking business is growing due to new products and share gains," commented CEO Dr. Sehat Sutardja. "As a result of these new initiatives and the recovery in the hard disk drive industry, we expect to see steady improvement in each of our end markets in the new fiscal year."
Marvell shares are up 1.9 percent in after-hours trading.