Marvell Technology Group Ltd.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended

January 28,

October 29,

July 30,

April 30,

2017

2016

2016

2016

Net revenue

$       571,400

$           626,092

$        600,799

$            519,383

Cost of goods sold

243,883

268,313

272,977

244,354

Gross profit

327,517

357,779

327,822

275,029

Operating expenses:

Research and development

228,669

209,905

214,122

227,354

Selling and marketing

29,154

29,237

29,826

30,094

General and administrative

80,347

28,754

36,916

35,399

Amortization and write-off of acquired intangible assets

1,480

2,299

2,299

2,298

Total operating expenses

339,650

270,195

283,163

295,145

Operating income (loss)

(12,133)

87,584

44,659

(20,116)

Interest and other income, net

3,780

5,470

6,284

1,488

Income (loss) from continuing operations before income taxes

(8,353)

93,054

50,943

(18,628)

Provision (benefit) for income taxes

68,524

15,600

(5,745)

(5,357)

Income (loss) from continuing operations

(76,877)

77,454

56,688

(13,271)

Loss from discontinued operations, net of tax

(3,214)

(4,838)

(5,383)

(9,408)

Net income (loss)

$        (80,091)

$             72,616

$          51,305

$            (22,679)

Net income (loss) per share - Basic:

Continuing operations

$            (0.15)

$                 0.15

$              0.11

$                (0.03)

Discontinued operations

(0.01)

(0.01)

(0.01)

(0.01)

Net income (loss) per share basic

$            (0.16)

$                 0.14

$              0.10

$                (0.04)

Net income (loss) per share - Diluted:

       Continuing operations

$            (0.15)

$                 0.15

$              0.11

$                (0.03)

       Discontinued operations

(0.01)

(0.01)

(0.01)

(0.01)

Net income (loss) per share diluted

$            (0.16)

$                 0.14

$              0.10

$                (0.04)

Shares used in computing basic earnings (loss) per share

507,834

511,090

511,235

508,794

Shares used in computing diluted earnings (loss) per share

507,834

522,091

514,314

508,794