Marvell Technology Group, Ltd.NASDAQ
Unable To Find A Foothold, Marvell Keeps Sliding
Stephen Simpson, CFA
Stephen Simpson, CFA
Wed, Oct. 12, 2:03 PM
Thu, Sep. 15, 6:30 PM
Wed, Sep. 14, 4:18 PM
Tue, Sep. 6, 3:43 PM
- Analyst Timothy Arcuri sees Marvell Technology Group (MRVL -1.8%) as one of the only names in the semiconductor sector with 50%+ remaining upside.
- From his perspective, a pullback on guidance signals a buying opportunity.
- Restates an Outperform rating and raises price target to $16 (current price $12.83).
- Earnings call transcript
Tue, Sep. 6, 8:56 AM
- Marvell Technology Group (NASDAQ:MRVL) posted Q2 revenue of $626M (up 16% sequentially, though down 12% over the prior year period).
- Storage revenue grew 13% Q/Q, attributed to increased HDD and SSD demand. Networking revenue increased 12% Q/Q, attributed to enterprise networking demand. Mobile and wireless revenue increased 21%, attributed to higher game console production. Mobile handset-related revenues declined to $9M vs. $22M Q/Q, attributed to restructuring efforts.
- Projects flat to 4% lower Q3 sequential revenue, 52%-54% gross margins, unchanged sequential operating expenses and EPS of $0.08-$0.13.
- Conference call
- Press release
Tue, Sep. 6, 6:32 AM
Mon, Sep. 5, 5:30 PM| Mon, Sep. 5, 5:30 PM
Fri, Sep. 2, 10:39 AM
- Marvell (MRVL +0.5%) disclosed the news in an 8-K filing released yesterday.
- Wu's resignation will take effect September 9, at which time he will enter into a consulting capacity with the company.
- The development marks further recent management shifts, with Jean Hu appointed Marvell's new CFO last month.
Fri, Aug. 19, 11:43 AM
- The chip sector is hot but no name is hotter than Advanced Micro Devices (AMD +10.9%). The company has been gradually rising since last August and has really hit its stride since returning to Y/Y revenue growth for the first time since 2014 in Q2.
- The only company remotely in the ballpark of this type of growth is Nvidia (NVDA +0.4%) with a now 170% increase over the last year.
- Comparably, Intel Corporation (INTC +0.5%) is up slightly over 23%, Micron Technology (MU +3.7%) around 2%, Applied Materials (AMAT +6.7%) nearly 80%, Analog Devices (ADI +0.4%) around 10%, ARM Holdings (ARMH -0.8%) around 56%, Linear Technology (LLTC +0.1%) around 46%, NXP Semiconductors (NXPI +1.2%) around 2%, Marvell Technology (MRVL +3.9%) slightly over 1%, Qualcomm (QCOM -0.4%) around 2.5%, Broadcom (AVGO +0.5%) around 26% and Texas Instruments (TXN +0.3%) around 43% for the same period.
- Advanced Micro Devices shares continues to increase following this week's operational-reveal of the company's highly anticipated Zen-core processors.
Thu, Aug. 18, 4:55 PM
- The company announced the move earlier this hour.
- Jean Hu was previously SVP, CFO and since August 2015, Acting CEO at QLogic Corporation (NASDAQ:QLGC).
- Marvell Technology Group (MRVL +0.3%) CEO Matt Murphy: "I'm excited to welcome Jean to Marvell. This is a transformational time in the company's history and Jean is a proven financial executive with deep experience in the semiconductor industry. She will be a significant asset to the team as we return Marvell to profitable growth. I'd also like to thank David Eichler, our interim CFO, for his leadership and continued dedication to Marvell during a period of significant change."
Wed, Jul. 20, 10:19 AM
- Marvell Technology (MRVL +11) last night exceeded Q4 EPS estimates, reporting $0.11 vs. $0.09 expected. Revenues came in light, falling 9% Q/Q.
- Reiterating his Buy rating and $12.50 price target (vs. current $10.95), Brean Capital's Mike Burton blames the revenue miss on a big drop in the mobile and wireless business, from which Marvell plans to exit.
- Storage showed 12% sequential growth, backed by better demand from HDD customers and seasonality. Networking grew 8% thanks to broad-based demand across all products.
- While management indicated revenues could decline in the April quarter, cost cuts and margin expansion should boost gross margins and operating expense trends similar to what semiconductor peers are showing, says Burton.
Tue, Jul. 19, 4:06 PM
Mon, Jul. 18, 5:35 PM
Mon, Jun. 20, 4:46 PM
Fri, Jun. 10, 11:57 AM
- Marvell (MRVL -5%) has determined it won't be able to file its FQ1 (April quarter) 10-Q in time due to its prior audit committee investigation, as well as PwC's Oct. 2015 resignation as the company's auditor (it was replaced by Deloitte).
- The company also forecasts FQ1 revenue will be "substantially" below year-ago levels, thanks to lower hard drive controller sales and the restructuring of Marvell's mobile baseband processor business. However, the FQ1 revenue consensus already implies a 23% Y/Y drop.
- The news comes two months after Marvell filed to delay the posting of its FY16 10-K.
Mon, Jun. 6, 4:38 PM
- Andy Micallef, formerly the SVP of operations for analog/mixed-signal chipmaker Intersil (NASDAQ:ISIL), has been named Marvell's (NASDAQ:MRVL) COO. He'll be "responsible for driving Marvell's operations related to chip production and management of vendors and process partners."
- Micallef has also held operational roles at voice processor developer Audience and storage hardware/chip developer LSI. His hiring follows the resignations of Marvell's CEO and president, as well as its appointment of a new chairman backed by activist Starboard Value.
- Intersil has named Sunny Gupta, formerly the company's VP of Quality and Technology Development, its new operations chief.