Marvell: Fiscal 2Q17 Financial ResultsStorage revenue up 13% Q/Q, reflecting higher HDD and SSD demand
This is a Press Release edited by StorageNewsletter.com on 2016.09.07
|(in $ million)||2Q16||2Q17||6 mo. 16||6 mo. 17|
|Net income (loss)||(771.9)||51.3||(757.9)||286|
Marvell Technology Group Ltd. reported financial results for the second quarter of fiscal year 2017, ended July 30, 2016.
Revenues for the second quarter of fiscal 2017 were $626 million, up approximately 16% from $541 million in the prior quarter and down approximately 12% from the same quarter of last year.
"We experienced a seasonally strong second quarter, driven by solid demand from customers across storage, networking, and wireless end markets," said Matt Murphy, president and CEO. "We are also beginning to see the benefits of improved focus on product cost as well as a more disciplined approach to spending, which resulted in better than expected earnings per share."
In the second quarter of fiscal 2017, storage revenue increased 13% sequentially, reflecting higher HDD and SSD demand.
Networking revenue in the second quarter of fiscal 2017 grew 12% sequentially due to continued strength in enterprise networking demand.
Mobile and wireless revenue grew 21% sequentially, mainly driven by seasonal game console production ramps. Mobile handset-related revenues in the second quarter of fiscal 2017 were $9 million, down from $22 million in the first quarter, reflecting the anticipated declines due to the restructuring actions announced on September 24, 2015.
Net income on a GAAP basis for the second quarter of fiscal 2017 was $51 million, or $0.10 per diluted share. On a non-GAAP basis, net income for the second fiscal quarter of 2017 was $92 million, or $0.18 per diluted share.
Third Quarter of Fiscal 2017 Financial Outlook
- Revenue is expected to be flat to down 4% from the second quarter.
- GAAP and Non-GAAP Gross Margins are expected to be in the range of 52% to 54%.
- GAAP and Non-GAAP Operating Expenses are expected to be approximately flat from the second quarter.
- GAAP Diluted EPS are expected to be in the range of $0.03 to $0.08.
- Non-GAAP Diluted EPS are expected to be in the range of $0.08 to $0.13.