Wed, Sep. 2, 5:35 PM
Wed, Aug. 26, 5:35 PM
Thu, Aug. 20, 9:21 AM| 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, 4:07 PM
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 All other guidance has been withdrawn.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, 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.
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
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, 4:08 PM
Wed, Feb. 18, 5:35 PM
Thu, Jan. 29, 12:55 PM| 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. 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, 4:06 PM
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