Uploaded by FinancialNewsOnline on Nov 17, 2011
Marvell (NASDAQ:MRVL) reported Q3 earnings after the markets closed posting EPS of $0.32, missing analyst estimates of $0.38 per share. Revenue for the quarter rose 6% to $950 million, topping consensus estimates for $938.96 million.
Dr. Sehat Sutardja, Marvell's Chairman and Chief Executive Officer said, "We are pleased with our third quarter results as we demonstrated solid growth in the quarter driven by our Mobile and Wireless end market, which grew over 20% sequentially. Our TD mobile phone platforms have been extremely well received by customers. We are now serving over 15 mobile customers with over 30 handsets ramping. Also, in the third quarter, we started shipping our WCDMA solutions to new customers. Our overall profitability remains solid, and during the last 12 months we generated over $840 million in free cash flow with the third quarter of fiscal 2012 representing the 17th consecutive quarter of positive free cash flow for the company."
Marvell Technology (NASDAQ:MRVL) has potential upside of 29.8% based on a current price of $13.77 and an average consensus analyst price target of $17.88.
Dr. Sehat Sutardja, Marvell's Chairman and Chief Executive Officer said, "We are pleased with our third quarter results as we demonstrated solid growth in the quarter driven by our Mobile and Wireless end market, which grew over 20% sequentially. Our TD mobile phone platforms have been extremely well received by customers. We are now serving over 15 mobile customers with over 30 handsets ramping. Also, in the third quarter, we started shipping our WCDMA solutions to new customers. Our overall profitability remains solid, and during the last 12 months we generated over $840 million in free cash flow with the third quarter of fiscal 2012 representing the 17th consecutive quarter of positive free cash flow for the company."
Marvell Technology (NASDAQ:MRVL) has potential upside of 29.8% based on a current price of $13.77 and an average consensus analyst price target of $17.88.
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