Marvell Technology Group Ltd. Reports First Quarter of Fiscal Year 2020 Financial Results

About this update from Marvell Technology, Inc.

[{"type":"text","content":"SANTA CLARA, Calif., May 30, 2019 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today reported financial results for the first quarter of fiscal year 2020. Revenue for the first quarter of fiscal 2020 was $662 million, which exceeded the midpoint of the Company's guidance provided on March 7, 2019.\nGAAP net loss for the first quarter of fiscal 2020 was $(48) million, or $(0.07) per diluted share. Non-GAAP net income for the first quarter of fiscal 2020 was $105 million, or $0.16 per diluted share. Cash flow from operations for the first quarter was $166 million.\n\"Marvell continues to take bold steps despite a challenging near-term environment to improve our portfolio through strategic capital deployment and drive long term shareholder value\" said Matt Murphy, Marvell's President and CEO. \"With the production ramp of our first 5G products later this year, and a growing pipeline of new wireless infrastructure design wins, Marvell is well positioned to becoming a leading silicon supplier to this market.\"\nMarvell's second quarter guidance takes into account the estimated impact from the U.S. Government's recently announced export restriction to one of our customers.\nSecond Quarter of Fiscal 2020 Financial Outlook\nRevenue is expected to be $650 million +/- 3%. GAAP gross margin is expected to be 53% to 54%. Non-GAAP gross margin is expected to be 63% to 64%. GAAP operating expenses are expected to be $370 million to $380 million. Non-GAAP operating expenses are expected to be $285 million to $290 million. GAAP diluted loss per share is expected to be $(0.09) to $(0.05) per share. Non-GAAP diluted income per share is expected to be $0.13 to $0.17 per share.On May 6, 2019, Marvell announced its intent to acquire Aquantia, Corp. (\"Aquantia\"), a publicly traded company. Marvell anticipates that upon closing, this acquisition will position it to further capitalize on automotive in-vehicle networking and strengthen its Multi-Gig Ethernet portfolio for enterprise infrastructure, data center and access. The transaction is expected to close by December 2019, subject to regulatory approval as well as other customary closing conditions, including the adoption by Aquantia shareholders of the merger agreement.\nOn May 20, 2019, Marvell announced definitive agreements t...

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