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Marvell Technology Group, Ltd. (MRVL)

  • Fri, Sep. 11, 8:25 AM
    • Releasing preliminary FQ2 results, Marvell Technology (NASDAQ:MRVL) says its Audit Committee is investigating certain revenue recognition issues this past quarter, and whether management's style resulted in an open flow of information and communication to create an effective control environment.
    • The focus is on about 7-8% of revenue recognized in FQ2 that would have been received and earned in FQ3, but is now no longer available for receipt this quarter. This percentage would be indicative of softening demand for certain company products, particularly in the storage end market.
    • As a result of the probe, the company will be late in filing its 10-Q.
    • As for preliminary results, FQ2 revenue of $711.3M vs. $961.5M a year ago. Operating loss of $400M vs. profit of $120.4M a year ago. GAAP loss per share of $0.74 vs. income of $0.27 a year ago.
    • Shares -13.75% premarket
    | Fri, Sep. 11, 8:25 AM | 1 Comment
  • Wed, Sep. 2, 5:35 PM
  • Wed, Aug. 26, 5:35 PM
  • Thu, Aug. 20, 9:21 AM
    • Marvell (NASDAQ:MRVL) has postponed the release of its FQ2 report, previously set for this afternoon, to "allow for more time to finalize its quarterly financial results." The company will announce a new date at some point in the future.
    • Shares -1.8% premarket to $11.70. The 52-week low is $11.65.
    | Thu, Aug. 20, 9:21 AM | 2 Comments
  • Wed, Aug. 19, 5:35 PM
  • Thu, May 21, 5:06 PM
    • Though officially missing consensus, Marvell's (NASDAQ:MRVL) FQ1 revenue of $724.3M was near the midpoint of the $710M-$740M guidance range provided in its April 24 warning. However, the company has guided for FQ2 revenue of $710M-$740M and EPS of $0.10-$0.12, below a consensus of $784.3M and $0.16. Some FQ2 weakness was likely expected following the warning.
    • Driving the FQ1 EPS beat: Gross margin (non-GAAP) was 51.6%, -20 bps Q/Q (seasonality) but +280 bps Y/Y, and (in spite of the sales warning) above February guidance of 49.5%-51.5%. FQ2 GM guidance is at 49%-51%.
    • Also helping: GAAP operating expenses fell 3% Y/Y to $359.9M - R&D spend totaled $280.1M, sales/marketing $36.2M, and G&A $41M. $22M was spent to buy back 1.4M shares.
    • Marvell has fallen to $14.00 AH.
    • FQ1 results, PR
    | Thu, May 21, 5:06 PM | Comment!
  • Thu, May 21, 4:07 PM
    • Marvell Technology Group (NASDAQ:MRVL): FQ1 EPS of $0.13 beats by $0.03.
    • Revenue of $724.28M (-24.4% Y/Y) misses by $9.55M.
    • Shares -4.31%.
    • Press Release
    | Thu, May 21, 4:07 PM | Comment!
  • Wed, May 20, 5:35 PM
  • Fri, Apr. 24, 5:32 PM
    • Marvell (NASDAQ:MRVL) now expects FQ1 revenue of $710M-$740M, well below prior guidance of $810M-$830M and an $816.3M consensus. All other guidance has been withdrawn.
    • The chipmaker blames "weaker than previously expected PC and storage markets and lower than expected emerging market demand." The former is presumably a reference to hard drive/SSD controller sales; the latter might be a reference to Chinese baseband chip sales.
    • PC sales were down sharply in Q1, thanks in large part to weak corporate and Japanese demand. Meanwhile, analysts have  voiced concerns about soft chip orders from Chinese smartphone OEMs.
    • Shares have fallen to $13.50 AH. They fell 1.6% in regular trading after several peers offered soft guidance. Full FQ1 results arrive on May 21.
    | Fri, Apr. 24, 5:32 PM | 2 Comments
  • Fri, Apr. 24, 2:03 PM
    • Though the Nasdaq is up 0.7% thanks to market-pleasing earnings from Google, Microsoft, and Amazon, chip stocks (SOXX -2.1%) are adding to their Thursday losses after Freescale, Altera, Microsemi, and Maxim joined the ranks of chipmakers offering soft Q2 guidance; Texas Instruments, Xilinx, and Qualcomm did so on Wednesday afternoon.
    • NXP (NXPI -4.3%), set to merge with Freescale in a cash/stock deal, is selling off ahead of its April 29 Q1 report. RF chipmakers Skyworks (SWKS -3.8%), Qorvo (QRVO -4.4%), and Avago (AVGO -5.2%) are also seeing steep declines.
    • Other decliners include a slew of telecom/networking, microcontroller, and analog/mixed-signal chipmakers. The group includes Marvell (MRVL -3%), ON Semi (ON -6.9%), Atmel (ATML -3.3%), Cypress (CY -4%), Lattice (LSCC -3.9%), Semtech (SMTC -6.9%), Cavium (CAVM -6%), PMC-Sierra (PMCS -2.9%), InPhi (IPHI -3.8%), and Silicon Labs (SLAB -2.9%). Chip packaging/testing firm Amkor (AMKR -5.7%) is also off; its Q1 report arrives on Monday.
    • As was the case with TI and Xilinx, soft telecom equipment chip demand was often blamed by those guiding light yesterday afternoon. Freescale (FSL -3.5%) stated it expects network processor division sales to be down Q/Q and RF (base station power amplifier) division sales to be flat. Microcontroller, automotive, and analog and sensor division sales are expected to rise.
    • Altera (ALTR -3.3%) stated its "telecom and wireless business, and particularly our wireless business globally looks to be quite weak in [Q2], while the rest for our business will in aggregate be flat to slightly up." Regarding its Q1 miss, the company notes "Industrial, test, compute and storage, and to a lesser extent military, fell short of our forecast" (share loss to Xilinx?).
    • Maxim reports seeing "broad-based softness in communications infrastructure demand" and soft industrial bookings to go with healthier mobile/auto demand. The Galaxy S6 appears to be giving a lift to Maxim's mobile sales.
    | Fri, Apr. 24, 2:03 PM | 1 Comment
  • Thu, Feb. 19, 4:22 PM
    • In addition to missing FQ4 revenue estimates (while slightly beating on EPS), Marvell (NASDAQ:MRVL) is guiding for FQ1 revenue of $810M-$830M and EPS of $0.17-$0.19, below a consensus of $884.2M and $0.22.
    • As was the case three months ago, no explanation is given in the earnings release for Marvell's revenue miss or guidance. Deutsche recently argued weak Chinese smartphone baseband chip sales - Marvell faces competition from MediaTek, Qualcomm, and others - would pressure FQ4 results.
    • Helping EPS beating estimates: FQ4 gross margin was 51.8%, up from 51% in FQ3 and 50.1% a year ago, and above guidance of 49.5%-51.5%. FQ1 GM guidance is also at 49.5%-51.5%. Also helping: GAAP operating expenses fell 1% Y/Y to $360.5M. Just $20M was spent on buybacks.
    • Shares are down to $15.60 AH.
    • FQ4 results, PR
    | Thu, Feb. 19, 4:22 PM | Comment!
  • Thu, Feb. 19, 4:08 PM
    • Marvell Technology Group (NASDAQ:MRVL): Q4 EPS of $0.25 beats by $0.01.
    • Revenue of $857.45M (-8.0% Y/Y) misses by $32.43M.
    • Press Release
    | Thu, Feb. 19, 4:08 PM | Comment!
  • Wed, Feb. 18, 5:35 PM
  • Thu, Jan. 29, 12:55 PM
    • Marvell (MRVL -2.1%) will report FQ4 and FY15 results after the close on Thursday, February 19th. The conference call will begin at 4.45pm ET.
    • Consensus views for FQ4 and FY15 are for EPS of $0.24 and $1.14 and revenue of $889.88M (-4.50% Y/Y) and $3.74B (+9.80%), respectively.
    | Thu, Jan. 29, 12:55 PM | 1 Comment
  • Nov. 21, 2014, 11:17 AM
    • Though weak baseband processor sales are weighing on Marvell (NASDAQ:MRVL) near-term, management "expects their mobile business to turn around starting in the April quarter, and for mobile unit shipments to double y/y in FY16," notes Stifel's Kevin Cassidy. He's reiterating a Buy, albeit while cutting his target by $2 to $16 and voicing some concerns about ASP/margin erosion.
    • RBC is also staying bullish, predicting mobile sales will rebound next year and that Marvell's $1.54B Carnegie Mellon infringement verdict will ultimately be lowered. The firm has also cut its target, and so have Nomura and Deutsche, but no downgrades have arrived.
    • On the CC (transcript), CEO Sehat Sutardja mentioned mobile sales fell 13% Q/Q in FQ3 due to customer mix (read: weak Samsung demand) and a "shift from the carrier-driven models to the open market in China, which required full turnkey [platform] support." Turnkey revenue is expected to arrive in FQ2 of next year.
    • Networking chip sales fell 7% Q/Q due to weak carrier capex, but is expected to be flat in FQ4. Storage revenue rose 3%, with both hard drive and SSD controller revenue growing. Marvell says it remains the top SSD controller vendor, and will begin seeing revenue from mobile SSD offerings next year.
    • A mix shift away from mobile contributed to Marvell's better-than-expected gross margin.
    • FQ3 results, guidance/details.
    | Nov. 21, 2014, 11:17 AM | 2 Comments
  • Nov. 20, 2014, 4:21 PM
    • Marvell (NASDAQ:MRVL) expects FQ4 revenue of $880M-$900M and EPS of $0.22-$0.26, almost entirely below a consensus of $930.9M and $0.26.
    • No explanation is given in the FQ3 report for the company's big revenue miss; analysts have raised concerns about Marvell's China-dependent baseband chip sales.
    • Helping EPS meet estimates: FQ3 gross margin was 51%, +40 bps Q/Q and +70 bps Y/Y, and at the high end of a 49%-51% guidance range. FQ4 GM guidance is at 49.5%-51.5%.
    • Also helping: GAAP opex fell 3% Y/Y to $359.6M, and $45M was spent on buybacks.
    • FQ3 results, PR
    | Nov. 20, 2014, 4:21 PM | Comment!
Company Description
Marvell Technology Group Ltd is a fabless semiconductor provider of analog, mixed-signal, digital signal processing and embedded microprocessor integrated circuits.