Marvell Technology Group Ltd (MRVL) swung to a net loss for the quarter ended Jan. 28, 2017. The company has made a net loss of $80.09 million, or $ 0.16 a share in the quarter, against a net profit of $4.20 million, or $0.01 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $114.17 million, or $0.22 a share compared with $64.61 million or $0.12 a share, a year ago.

Revenue during the quarter dropped 5.16 percent to $571.40 million from $602.51 million in the previous year period. Gross margin for the quarter expanded 583 basis points over the previous year period to 57.32 percent. Operating margin for the quarter stood at negative 2.12 percent as compared to a positive 2.48 percent for the previous year period.

Operating loss for the quarter was $12.13 million, compared with an operating income of $14.93 million in the previous year period.

“Marvell delivered another strong performance in Q4’17, which demonstrates our team’s ongoing commitment to the Company’s transformation and the growing power of our business model,” said Matt Murphy, President and Chief Executive Officer. “Our performance also demonstrates the strength of our portfolio in the data storage, network infrastructure and wireless connectivity markets, which are core to our business.”

For the first-quarter 2018, Marvell Technology Group Ltd expects diluted earnings per share to be in the range of $0.12 to $0.18 and its  adjusted diluted earnings per share to be in the range of $0.19 to $0.23.

Cash flow from investing activities was $161.60 million for the year, down 19.88 percent or $40.10 million, when compared with the last year.

The company has spent $267.25 million cash to carry out financing activities during the year as against cash outgo of $339.84 million in the last year period.

Cash and cash equivalents stood at $814.09 million as on Jan. 28, 2017, down 36.31 percent or $464.09 million from $1,278.18 million on Jan. 30, 2016.