Marvell Technology Group reported revenue for its first quarter of fiscal 2019 was $605 million, which exceeded the midpoint of the Company’s guidance provided on March 8, 2018. GAAP net income from continuing operations for the first quarter of fiscal 2019 was $129 million, or $0.25 per diluted share. Non-GAAP net income from continuing operations for the first quarter of fiscal 2019 was $165 million, or $0.32 per diluted share. Cash flow from operations for the first quarter was $129 million.
“Fiscal 2019 is off to a strong start, driven by the performance of our storage, networking and connectivity businesses which grew 7% year over year in Q1. Marvell’s R&D engine is executing well, and our newly announced products are fueling a growing design win pipeline,” said Marvell President and CEO Matt Murphy. “Overall, I’m pleased with the results and thank the entire Marvell team for their effort and contribution.”
Revenue for the company’s second quarter of 2019 is expected to be $600 million to $630 million. The guidance range excludes approximately $7 million in revenue from a Chinese OEM due to the trade restrictions imposed by the U.S. government.
