- In addition to soundly beating FQ3 estimates, Marvell (NASDAQ:MRVL) is guiding for FQ4 revenue of $880M-$920M and EPS of $0.25 (+/- $0.02), above a consensus of $844.3M and $0.23.
- The chipmaker had an FQ3 gross margin of 50.3%, down from FQ2's 53% and FQ1's 54.6%, and below a guidance midpoint of 51%. Marvell expects an FQ4 GM of 50% (+/- 100 bps). Shares fell following the FQ2 report due to gross margin worries (in spite of strong results/guidance).
- $71M was spent on buybacks in FQ3 vs. $83M in FQ2.
- Opex +9% Y/Y, thanks largely to a 12% increase in R&D spend to $296.3M (32% of revenue).
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FQ3 results, PR