Marvell Technology Group Ltd. (NASDAQ:MRVL) reported stronger-than-expected results for its first quarter.
The Santa Clara, Calif.-based company noted revenue for the first quarter of fiscal 2021 was $694 million, which exceeded the midpoint of the Company's guidance provided on March 4, 2020. GAAP net loss for the first quarter of fiscal 2021 was $(113) million, or $(0.17) per diluted share.
Non-GAAP net income for the first quarter of fiscal 2021 was $118 million, or $0.18 per diluted share. Cash flow from operations for the first quarter was $176 million.
CEO Matt Murphy exuded, "In a challenging environment, solid execution by the Marvell team drove strong first quarter financial results with disciplined operating expense management, healthy operating cash flow, and revenue above the mid-point of guidance, enabled by stronger demand for our networking products from the datacenter and 5G infrastructure end markets.
"While we did experience some COVID-19 supply chain impacts on our storage business in the first quarter, we expect a bounce back in the second quarter and we project our networking business to continue to grow."
Marvell's second quarter guidance takes into account the U.S. Government's export restrictions on certain Chinese customers. Given the ongoing uncertainty associated with COVID-19 and related public health measures, we also have temporarily widened the guidance range on revenue.
In the second quarter, MRVL says, revenue is expected to be $720 million +/- 5%. GAAP gross margin is expected to be approximately 50.6%.
MRVL gained $1.90, or 6.3%, to $31.87
