Marvell Technology Group Ltd. (MRVL) CEO Matt Murphy on Q3 2021 Results – Earnings Call Transcript

Marvell Technology Group Ltd. (NASDAQ:MRVL) Q3 2021 Earnings Conference Call December 3, 2020 4:45 PM ET

Company Participants

Ashish Saran – VP, IR

Matt Murphy – President and CEO

Jean Hu – CFO

Conference Call Participants

Toshiya Hari – Goldman Sachs

Vivek Arya – Bank of America Merrill Lynch

Timothy Arcuri – UBS

C. J. Muse – Evercore

Blayne Curtis – Barclays

John Pitzer – Credit Suisse

Ross Seymore – Deutsche Bank

Tore Svanberg – Stifel

Harlan Sur – JP Morgan

Christopher Rolland – Susquehanna

Srini Pajjuri – SMBC

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Q3 Fiscal 2021 Marvell Technology Group Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions]

I would now like to hand

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Marvell Technology Group Ltd. Reports Third Quarter of Fiscal Year 2021 Financial Results

SANTA CLARA, Calif., Dec. 3, 2020 /PRNewswire/ — Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2021.

Revenue for the third quarter of fiscal 2021 was $750 million. GAAP net loss for the third quarter of fiscal 2021 was $(23) million, or $(0.03) per diluted share. Non-GAAP net income for the third quarter of fiscal 2021 was $168 million, or $0.25 per diluted share. Cash flow from operations for the third quarter was $258 million.

On October 29, 2020, Marvell Technology Group Ltd. announced the execution of a definitive agreement to acquire Inphi Corporation with cash and stock consideration. The transaction is expected to close by the second half of calendar 2021, subject to the approval of Marvell and Inphi shareholders and the satisfaction of customary closing conditions, including

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Marvell Technology Group (MRVL) Catches Eye: Stock Jumps 8.8%

Marvell Technology Group Ltd. MRVL was a big mover last session, as the company saw its shares rise nearly 9% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading above the volatile price range of $36.89 to $44.70 in the past one-month time frame.

The company has seen no changes when it comes to estimate revision over the past few weeks, while the Zacks Consensus Estimate for the current quarter has also remained unchanged. The recent price action is encouraging though, so make sure to keep a close watch on this firm in the near future.

Marvell Technology Group currently has a Zacks Rank #3 (Hold) while its Earnings ESP is negative.  
 

Marvell Technology Group Ltd. Price

Marvell Technology Group Ltd. Price

Marvell Technology Group Ltd. price |

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Marvell Technology Group Ltd. Announces Conference Call to Review Third Quarter of Fiscal 2021 Financial Results

SANTA CLARA, Calif., Nov. 6, 2020 /PRNewswire/ — Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today announced it will conduct a conference call following the release of its third quarter of fiscal year 2021 financial results on Thursday, December 3, 2020, at 1:45 p.m. Pacific Time

Conference Call

Interested parties may join the conference call by dialing 1-844-647-5488 or 1-615-247-0258, passcode 3247376.  The call will be webcast and can be accessed at the Marvell Investor Relations website at https://investor.marvell.com/ with a replay available following the call until Thursday, December 10, 2020. 

About Marvell

To deliver the data infrastructure technology that connects the world, we’re building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world’s leading technology companies for 25 years, we move, store, process and secure the world’s data with semiconductor solutions designed for

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Ford, Pinterest rise; eBay, Marvell Technology fall

Stocks that moved heavily or traded substantially Thursday: Ford, Pinterest rise; eBay, Marvell Technology fall

NEW YORK — Stocks that moved heavily or traded substantially Thursday:

Ford Motor Co., up 20 cents to $7.90.

The car maker reported a surprisingly strong third-quarter profit as demand for cars and trucks recovered.

ServiceNow Inc., up $26.54 to $510.59.

The maker of software to automate companies’ technology operations beat analysts’ third-quarter profit forecasts.

eBay Inc., down $3.97 to $49.28.

The e-commerce company reported fewer active buyers than Wall Street expected during the third quarter.

Pinterest Inc., up $13.26 to $62.51.

The online community reported a rise in active users and beat analysts’ third-quarter profit forecasts.

Marvell Technology Group Ltd., down $1.32 to $38.21.

The chipmaker is buying semiconductor equipment maker Inphi and will reorganize its business in the U.S.

Tapestry

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Marvell Nears Deal to Acquire Inphi for $10 Billion

(Bloomberg) — Marvell Technology Group Ltd. is nearing a deal to acquire Inphi Corp. for about $10 billion, according to a person familiar with the matter, adding to an already record year for chip industry deals.



a large room: Marvell Technology Group Ltd. signage is displayed in the lobby of the company's headquarters building in Santa Clara, California, U.S., on Tuesday, Feb. 8, 2011.


© Bloomberg
Marvell Technology Group Ltd. signage is displayed in the lobby of the company’s headquarters building in Santa Clara, California, U.S., on Tuesday, Feb. 8, 2011.

Marvell will pay 60% of the acquisition in stock, with the rest in cash, the person said. An announcement could come as soon as Thursday, said the person, who asked not to be identified as the information is private.

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Dow Jones reported the acquisition earlier Wednesday. A representative for Inphi declined to comment, while a representative for Marvell didn’t immediately respond to a request for comment.

Inphi is a maker of chips that act as the interface in gear that helps speed the flow of

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