SANTA CLARA, Calif.,
April 24, 2015 /PRNewswire/ --
Marvell Technology Group Ltd. (NASDAQ: MRVL), a global leader in
integrated silicon solutions, today updated its outlook for the
first quarter of fiscal 2016, ending May 2,
2015.
Marvell Technology announced that first quarter of fiscal 2016
revenue is expected to be below the company's previous outlook. The
company now expects first quarter of fiscal 2016 revenue to be in
the range of $710 million to $740
million, compared to the previous expectation of
$810 million to $830 million. The
revised revenue outlook is primarily due to weaker than previously
expected PC and storage markets and lower than expected emerging
market demand. All other financial outlook expectations have been
withdrawn and will be updated on the company's first quarter
earnings call on May 21, 2015.
Marvell's revised revenue outlook does not include the potential
impact of future share repurchases, pending litigation matters,
business combinations, asset acquisitions or other investments that
may be completed after April 24,
2015.
Conference Call
Marvell will conduct a conference call
following the release of its first quarter of fiscal 2016 financial
results on Thursday, May 21, 2015 at
1:45 p.m. Pacific Time. Interested
parties may join the conference call by dialing 1-877-703-6102 or
1-857-244-7301, pass-code 47211925. The call will be webcast
by Thomson Reuters and can be accessed at the Marvell Investor
Relations website at http://investor.marvell.com/ with a
replay available following the call until May 28, 2015.
Forward-Looking Statements under the Private Securities
Litigation Reform Act of 1995
This press release contains
forward-looking statements within the meaning of the federal
securities laws that involve risks and uncertainties, including
Marvell's expectations and statements regarding its financial
outlook for the first quarter of fiscal 2016 and Marvell's
expectations regarding trends and demand in the markets in which it
participates. Words such as "expects," "can," "will," "may,"
"outlook" and similar expressions identify such forward-looking
statements. These statements are not guarantees of results
and should not be considered as an indication of future activity or
future performance. Actual events or results may differ materially
from those described in this press release due to a number of risks
and uncertainties, including, among others: Marvell's ability to
compete against other products and prices in an intensely
competitive industry; Marvell's reliance on the hard disk drive and
mobile and wireless markets, which are highly cyclical and
intensely competitive; changes in demand for Marvell's products as
a result of changes in the end markets Marvell serves; costs and
liabilities relating to current and future litigation; Marvell's
reliance on a few customers for a significant portion of its
revenue; uncertainty in worldwide economic conditions; and other
risks detailed from time to time in Marvell's SEC filings,
including the risk factors identified in Marvell's latest Annual
Report on Form 10-K for the year ended January 31, 2015 as filed with the SEC.
Please see Marvell's SEC filings for other factors that could cause
Marvell's results to vary from expectations. Marvell undertakes no
obligation to revise or update publicly any forward-looking
statements.
About Marvell
Marvell (NASDAQ: MRVL) is a
global leader in providing complete silicon solutions and Kinoma®
software enabling the "Smart Life and Smart Lifestyle." From mobile
communications to storage, Internet of Things (IoT), cloud
infrastructure, digital entertainment and in-home content delivery,
Marvell's diverse product portfolio aligns complete platform
designs with industry-leading performance, security, reliability
and efficiency. At the core of the world's most powerful consumer,
network and enterprise systems, Marvell empowers partners and their
customers to always stand at the forefront of innovation,
performance and mass appeal. By providing people around the world
with mobility and ease of access to services adding value to their
social, private and work lives, Marvell is committed to enhancing
the human experience.
As used in this release, the term "Marvell" refers to Marvell
Technology Group Ltd. and its subsidiaries. For more information,
please visit www.Marvell.com.
Marvell® and the Marvell logo are registered trademarks of
Marvell and/or its affiliates.
For further
information, contact:
|
|
John Spencer
Ahn
|
Sue Kim
|
Investor
Relations
|
Media
Relations
|
408-222-7544
|
408-222-1942
|
johnahn@marvell.com
|
suekim@marvell.com
|
Logo -
http://photos.prnewswire.com/prnh/20100719/SF36559LOGO-b
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/marvell-technology-group-ltd-updates-first-quarter-of-fiscal-2016-outlook-and-announces-conference-call-to-review-fiscal-first-quarter-2016-300071991.html
SOURCE Marvell Technology Group Ltd.