Brean Capital Raises Price Target on Marvell Technology (MRVL) Following 3Q Beat
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Marvell Technology Group Ltd. Reports Third Quarter of Fiscal 2017 Financial Results
November 17, 2016 4:06 PM ESTSANTA CLARA, Calif., Nov. 17, 2016 /PRNewswire/ --Â 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. Â 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 ESTSANTA 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
