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

About Marvell 

Marvell (NASDAQ: MRVL) is a global leader in providing complete silicon solutions. From storage to cloud infrastructure, Internet of Things (IoT), connectivity and multimedia, Marvell's diverse product portfolio aligns complete platform designs with industry-leading performance, security, reliability and efficiency. At the core of the world's most powerful consumer, network and enterprise systems, Marvell empowers partners and their customers to always stand at the forefront of innovation, performance and mass appeal. By providing people around the world with mobility and ease of access to services, adding value to their social, personal and work lives, Marvell is committed to enhancing the human experience.

As used in this release, the term "Marvell" refers to Marvell Technology Group Ltd. and its subsidiaries. For more information, please visit www.Marvell.com.

Marvell® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)



















Three Months Ended








April 30,


January 30,


May 2,








2016


2016


2015








(Preliminary)


















Net revenue




$      540,822


$    616,158


$ 724,288


Cost of goods sold



259,210


302,610


351,153


Gross profit




281,612


313,548


373,135


Operating expenses:










Research and development


241,271


239,703


280,114



Selling and marketing



31,379


31,301


36,174



General and administrative


35,623


37,812


41,027



Amortization and write-off of acquired intangible assets

2,461


2,462


2,568




Total operating expenses


310,734


311,278


359,883


Operating income (loss)



(29,122)


2,270


13,252


Interest and other income, net


1,488


1,084


5,167


Income (loss) before income taxes


(27,634)


3,354


18,419


Provision (benefit) for income taxes


(4,955)


(846)


4,329


Net income (loss)



$      (22,679)


$        4,200


$   14,090














Basic net income (loss) per share


$          (0.04)


$          0.01


$       0.03


Diluted net income (loss) per share


$          (0.04)


$          0.01


$       0.03














Shares used in computing basic earnings (loss) per share

508,794


506,352


516,228


Shares used in computing diluted earnings (loss) per share

508,794


508,590


527,167



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