Marvell Technology Group posted revenue for the third quarter of its fiscal 2019 of $851 million. GAAP net loss from continuing operations for the third quarter of fiscal 2019 was $54 million, or $(0.08) per diluted share. Non-GAAP net income from continuing operations for the third quarter of fiscal 2019 was $222 million, or $0.33 per diluted share. Cash flow from operations for the third quarter was $299 million.
The company noted that quarterly revenue exceeded the midpoint of the guidance it provided on September 6, 2018.
“In the first full quarter operating as a combined Marvell and Cavium team, we completed key integration milestones ahead of schedule, delivered revenue above the midpoint of our guidance, and generated strong free cash flow at 30 percent of revenue. We also expect renewed revenue growth from the Cavium business in the fourth quarter,” said Matt Murphy, Marvell’s President and Chief Executive Officer. “Looking ahead, we expect the deployment of 5G will accelerate our growth over the next several years as engagements with a growing list of Tier 1 customers continue to build momentum in this major infrastructure transition.”
Marvell completes acquisition of Cavium
Marvell Technology Group completed its previously announced acquisition of Cavium in a deal valued at approximately $6 billion.
Cavium, which is based in San Jose, California, offers a portfolio of multi-core processing, networking communications, storage connectivity and security silicon solutions.
Marvell, which is based in nearby Santa Clara, California but has its corporate headquarters in Bermuda, was founded in 1995 and has over 5,000 employees and over 9,000 patents.
