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Marvell Technology Group Ltd (MRVL) swung to a net profit for the quarter ended Oct. 29, 2016. The company has made a net profit of $72.62 million, or $ 0.14 a share in the quarter, against a net loss of $57.75 million, or $0.11 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $104.83 million, or $0.20 a share compared with $29 million or $0.06 a share, a year ago. Revenue during the quarter dropped 3.03 percent to $654.42 million from $674.89 million in the previous year period. Gross margin for the quarter expanded 1248 basis points over the previous year period to 56.29 percent. Operating margin for the quarter period stood at positive 12.68 percent as compared to a negative 8.75 percent for the previous year period.
Operating income for the quarter was $82.95 million, compared with an operating loss of $59.07 million in the previous year period.
“Marvell delivered strong financial performance in Q3,” said Matt Murphy, president and chief executive officer. “Our core businesses performed very well, with data storage and network infrastructure growing double digits year-over-year. I’m very pleased with the performance of our team.”
The company projects diluted loss per share to be in the range of negative $0.01 to $0.03 for the fourth-quarter. On an adjusted basis, the company projects diluted earnings per share to be in the range of $0.17 to $0.21 for the fourth-quarter.
Operating cash flow turns negative
Marvell Technology Group Ltd has spent $477.28 million cash to meet operating activities during the nine month period as against cash inflow of $152.05 million in the last year period. Cash flow from investing activities was $117.34 million for the nine month period as against cash outgo of $136.80 million in the last year period.
The company has spent $166.65 million cash to carry out financing activities during the nine month period as against cash outgo of $329.17 million in the last year period.
Cash and cash equivalents stood at $751.59 million as on Oct. 29, 2016, down 16.22 percent or $145.47 million from $897.05 million on Oct. 31, 2015.
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