Marvell Technology Inc Stock Price, News & Analysis

Marvell (NASDAQ: MRVL) has launched the 88QB5224, the first multi-gig Ethernet camera bridge solution for video distribution in connected vehicles. This innovation allows for standardized communication among various electronic control units and cameras, enhancing scalability in software-defined vehicles. Key features include IEEE 802.3ch 10GBASE-T1 PHY compliance, enhanced security with MACsec, and energy-efficient operations. The 88QB5224 marks a significant advancement in automotive networking, supporting uncompressed video, and positions Marvell at the forefront of the automotive technology sector.

Marvell Technology reported a robust third quarter of fiscal year 2022, achieving $1.211 billion in net revenue, a 61% increase year-over-year and 13% sequential growth, surpassing guidance. The data center segment, the largest contributor, accounted for 41% of total revenue, growing 109% year-over-year. However, the company reported a GAAP net loss of $(63) million.

Looking ahead, Marvell expects fourth-quarter revenue of $1.320 billion ± 3%, driven by 5G and continued double-digit growth in the data center segment.

Marvell (NASDAQ: MRVL) has been awarded the title of "Fittest Firm" in the annual Silicon Valley Turkey Trot for the sixth consecutive year. This achievement recognizes the company's commitment to employee wellness, with 991 employees and their families participating in the virtual race that raised $10.2 million, providing over 8.2 million meals for those in need. CEO Matt Murphy emphasized the importance of health and wellness in the workplace, linking it to overall performance and community support.

On November 16, 2021, Marvell Technology (NASDAQ: MRVL) initiated an Exchange Offer to exchange its outstanding unregistered notes for newly registered notes. The offer includes $433,817,000 of 4.200% Senior Notes due 2023 and $479,394,000 of 4.875% Senior Notes due 2028. This move aims to fulfill obligations under a registration rights agreement without generating proceeds for the company. The Expiration Date for the offer is set for December 15, 2021. Copies of the prospectus can be obtained through the exchange agent.

Marvell (NASDAQ: MRVL) announced high-volume shipping of SONiC-enabled production switch silicon for Teralynx^® 9K and Prestera^® 8K devices to tier-1 cloud customers. This move enhances flexibility and choice for cloud data centers amid increasing bandwidth demands. Marvell's portfolio, bolstered by the Innovium acquisition, aims to provide low-latency, high-bandwidth solutions. The company emphasizes its commitment to open systems and cost savings through disaggregated solutions, aiming for faster innovation in cloud deployments.

Marvell Technology, Inc. (NASDAQ: MRVL) will hold a conference call on December 2, 2021, at 1:45 p.m. PT to discuss its Q3 FY2022 financial results. The call can be joined by dialing 1-888-317-6003 or 1-412-317-6061 with the passcode 8563448. The event will also be webcast on the Marvell Investor Relations website. A replay will be available until December 9, 2021, by calling 1-877-344-7529, passcode 10161867. This call is crucial for investors looking to understand the company's latest performance.

Marvell (NASDAQ: MRVL) announced the deployment of its Prestera® Ethernet switch platforms, integrated with Dent, by leading global enterprises. This collaboration aims to modernize networking through open-source solutions, enhancing the efficiency of distributed enterprise edges, particularly in smart retail. Dent's Linux-based system simplifies integrations and offers flexibility in network management. Marvell's technology enhances performance, security, and visibility, accelerating the transition to disaggregated networks, critical for borderless enterprises.

Marvell Technology, Inc. (NASDAQ: MRVL) announced final results for its Exchange Offer to convert outstanding unregistered notes into registered Senior Notes. The offer included $500 million of 1.650% notes due 2026, $750 million of 2.450% notes due 2028, and $750 million of 2.950% notes due 2031. By the Expiration Date of October 7, 2021, all Outstanding 2026 and 2031 Notes were fully tendered, and 99.99% of the 2028 Notes were validly exchanged. The Exchange Offer has no financial proceeds for the company and settlement is scheduled for October 8, 2021.