Marvell Technology Beats Third-Quarter Sales, Earnings Targets
Summary
Chipmaker Marvell Technology ( MRVL ) late Tuesday beat Wall Streets targets for its fiscal third quarter, but its current-quarter guidance was light.XThe Santa Clara, Calif.-based company earned an adjusted 33 cents a share on sales of $851 million in the quarter ended Nov. 3.Marvell makes storage, networking and connectivity chips for enterprise, cloud, automotive, industrial and consumer markets.In a news release , Chief Executive Matt Murphy said Marvell has completed key integration milestones for the Cavium business ahead of schedule."Looking ahead, we expect the deployment of 5G (wireless) will accelerate our growth over the next several years as engagements with a growing list of Tier 1 customers continue to build momentum in this major infrastructure transition," Murphy said.