Marvell Technology Group Announces Fourth Quarter and FY 2020 Financial Results | Financial Buzz

Marvell Technology Group Announces Fourth Quarter and FY 2020 Financial Results

Marvell Technology Group Ltd. 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, processing, networking, security and 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.

Marvell Technology Group Ltd. (NASDAQ: MRVL) announced financial results for the fourth quarter and full fiscal year ended February 1st, 2020.  For the fourth quarter, revenue was USD 718 Million.  Net income for the fourth quarter reached USD 1.8 Billion or USD 2.62 per share. 

For fiscal 2020, revenue amounted to USD 2.7 Billion as net income amounted to USD 1.6 Billion or USD 2.34 per share. 

Previously on December 6th, 2019, Marvell completed the divestment of the Wi-Fi connectivity business to NXP.   This resulted in a pre-tax gain on sale of USD 1.1 Billion. 

“Marvell delivered fourth quarter revenue above the mid-point of guidance with solid results from both our networking and storage businesses. Our guidance for the first quarter of fiscal 2021 reflects the reduction of approximately 5 percent of revenue to account for coronavirus impacts we are aware of so far,” said Matt Murphy, Marvell’s President and CEO. “Our customer and design win traction in the wireless infrastructure market continues to grow and Nokia announced an expanded relationship with Marvell to develop multiple generations of leading 5G silicon solutions. We also announced the extension of our long-term collaboration with Samsung on the radio access network.”