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, networking 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. To learn more, visit: www.marvell.com.
Marvell® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.
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Marvell Technology Group Ltd. | |||||||||||||||
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Condensed Consolidated Statements of Operations | |||||||||||||||
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(Unaudited) | |||||||||||||||
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(In thousands, except per share amounts) | |||||||||||||||
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Three Months Ended |
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Six Months Ended | |||||||||||
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July 29, 2017 |
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April 29, 2017 |
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July 30, 2016 |
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July 29, 2017 |
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July 30, 2016 | |||||
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Net revenue |
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$ |
604,750 |
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$ |
572,709 |
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$ |
597,346 |
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$ |
1,177,459 |
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$ |
1,110,979 |
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Cost of goods sold |
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239,572 |
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227,198 |
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270,427 |
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466,770 |
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510,360 | |||||
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Gross profit |
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365,178 |
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345,511 |
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326,919 |
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710,689 |
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600,619 | |||||
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Operating expenses: |
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Research and development |
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180,871 |
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188,096 |
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207,943 |
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368,967 |
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427,351 | |||||
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Selling, general and administrative |
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55,659 |
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55,104 |
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67,896 |
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110,763 |
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131,964 | |||||
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Restructuring related charges |
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4,285 |
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886 |
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721 |
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5,171 |
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5,162 | |||||
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Total operating expenses |
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240,815 |
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244,086 |
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276,560 |
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484,901 |
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564,477 | |||||
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Operating income |
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124,363 |
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101,425 |
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50,359 |
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225,788 |
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36,142 | |||||
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Interest and other income, net |
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7,188 |
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3,333 |
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6,284 |
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10,521 |
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7,772 | |||||
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Income from continuing operations before income taxes |
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131,551 |
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104,758 |
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56,643 |
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236,309 |
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43,914 | |||||
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Provision (benefit) for income taxes |
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(3,899) |
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5,166 |
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(5,823) |
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1,267 |
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(11,260) | |||||
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Income from continuing operations |
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135,450 |
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99,592 |
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62,466 |
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235,042 |
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55,174 | |||||
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Income (loss) from discontinued operations, net of tax |
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29,809 |
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7,029 |
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(11,161) |
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36,838 |
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(26,548) | |||||
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Net income |
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$ |
165,259 |
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$ |
106,621 |
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$ |
51,305 |
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$ |
271,880 |
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$ |
28,626 |
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Net income (loss) per share — Basic: |
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Continuing operations |
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$ |
0.27 |
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$ |
0.20 |
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$ |
0.12 |
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$ |
0.47 |
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$ |
0.11 |
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Discontinued operations |
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$ |
0.06 |
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$ |
0.01 |
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$ |
(0.02) |
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$ |
0.07 |
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$ |
(0.05) |
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Net income per share - basic |
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$ |
0.33 |
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$ |
0.21 |
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$ |
0.10 |
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$ |
0.54 |
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$ |
0.06 |
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Net income (loss) per share — Diluted: |
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Continuing operations |
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$ |
0.26 |
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$ |
0.19 |
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$ |
0.12 |
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$ |
0.46 |
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$ |
0.11 |
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Discontinued operations |
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$ |
0.06 |
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$ |
0.02 |
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$ |
(0.02) |
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$ |
0.07 |
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$ |
(0.05) |
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Net income per share - diluted |
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$ |
0.32 |
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$ |
0.21 |
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$ |
0.10 |
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$ |
0.53 |
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$ |
0.06 |
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Weighted average shares: |
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Basic |
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500,817 |
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503,790 |
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511,235 |
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502,303 |
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510,014 | |||||
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Diluted |
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510,309 |
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517,592 |
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514,314 |
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513,951 |
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513,669 | |||||
