Marvell Technology Group Ltd. Reports Third Quarter of Fiscal 2017 Financial Results

About Marvell 
Marvell first revolutionized the digital storage industry by moving information at speeds never thought possible. Today, that same breakthrough innovation remains at the heart of the company's storage, network infrastructure, and wireless connectivity solutions. With leading intellectual property and deep system-level knowledge, Marvell's semiconductor solutions continue to transform the enterprise, cloud, automotive, industrial, and consumer markets. To learn more, visit: www.marvell.com 

MarvellĀ® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)























Three Months Ended


Nine Months Ended







October 29,


July 30,


October 31,


October 29,


October 31,







2016


2016


2015


2016


2015
















Net revenue




$   654,422


$ 626,404


$   674,890


$ 1,821,648


$ 2,109,670

Cost of goods sold



286,063


287,608


379,254


832,881


1,192,126

Gross profit




368,359


338,796


295,636


988,767


917,544

Operating expenses:













Research and development


223,519


228,562


284,308


693,352


861,743


Selling and marketing



30,576


31,094


32,481


93,049


99,496


General and administrative


29,012


37,173


34,771


101,808


767,028


Amortization and write-off of acquired intangible assets

2,299


2,461


3,150


7,221


8,286



Total operating expenses


285,406


299,290


354,710


895,430


1,736,553

Operating income (loss)



82,953


39,506


(59,074)


93,337


(819,009)

Interest and other income, net


5,470


6,284


4,644


13,242


16,601

Income (loss) before income taxes


88,423


45,790


(54,430)


106,579


(802,408)

Provision (benefit) for income taxes


15,807


(5,515)


3,320


5,337


13,192

Net income (loss)



$     72,616


$   51,305


$    (57,750)


$    101,242


$  (815,600)
















Basic net income (loss) per share


$         0.14


$       0.10


$        (0.11)


$          0.20


$        (1.59)

Diluted net income (loss) per share


$         0.14


$       0.10


$        (0.11)


$          0.20


$        (1.59)
















Shares used in computing basic earnings (loss) per share

511,090


511,235


504,831


510,373


512,476

Shares used in computing diluted earnings (loss) per share

522,091


514,314


504,831


516,476


512,476


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