Marvell Technology Group reported net revenue for the third quarter of fiscal 2007 was $520.4 million, an increase of 22% over net revenue of $426.0 million for the third quarter of fiscal 2006 and a 9% sequential decrease from net revenue of $574.0 million for the second quarter of fiscal 2007.
All results reported are preliminary because Marvell is in the midst of a previously announced internal review by a special committee of its Board of Directors relating to the company’s historical stock option practices and related accounting matters.
“Although we are disappointed with our sequential decline in revenue this last quarter, we remain excited about our continued strong positioning for growth as we expand our presence into many new large volume markets,” stated Dr. Sehat Sutardja, Marvell’s President and CEO.
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