- Marvell (MRVL) expects FQ3 revenue of $850M-$900M and EPS of $0.25 (+/- $0.02), favorable to a consensus of $845.2M and $0.24.
- The chipmaker attributes its FQ2 beat to "better demand and share gains" for storage chips, and "strong double-digit growth" for mobile/wireless chip sales.
- Gross margin was 53%, -160 bps Q/Q and -60 bps Y/Y. GM is expected to fall to 51% (+/- 100 bps) in FQ3.
- $83M was spent to repurchase 7.2M shares. 211M shares (~30% of outstanding shares) have been repurchased over the last 12 months. Thank David Einhorn for that.
- Marvell's strong YTD performance seems to be limiting its AH move. Also, the chipmaker's gross margin guidance might be disappointing some investors.
- CC at 4:45PM ET. FQ2 results, PR
at Zacks.com (Nov 18, 2014)