Marvell Tech +7% after hiking estimates for Cavium cost savings, revenue gains

|About: Marvell Technology Group Ltd. (MRVL)|By:, SA News Editor

Marvell Technology (NASDAQ:MRVL) adds to initial post-earnings gains, +7% after disclosing higher estimates for cost savings and saying the Cavium addition would help it hit forecast revenue gains.

"I'm very confident that our combined team will drive us towards our long term 6%-8% annual revenue growth target," CEO Matt Murphy said in the earnings conference call, adding that cost synergies previously guided at $150M-$175M/year actually would reach $200M/year by the end of FY 2020.

MRVL issues guidance for Q3 EPS of $0.30-$0.34, revenues of $825M-$865M, non-GAAP gross margin 64%-65%, non-GAAP operating expenses $300M-$305M.

Subscribe for full text news in your inbox