Marvell Technology Group Non-GAAP EPS of $0.57 misses by $0.02, revenue of $1.54B misses by $20M
Marvell Technology Group press release (NASDAQ:MRVL): Q3 Non-GAAP EPS of $0.57  misses by $0.02.
Revenue of $1.54B (+27.3% Y/Y)  misses by $20M.
64.0% non-GAAP gross margin
"Inventory reductions, in particular at our storage customers, are impacting our near-term results and guidance, and we are working closely with them to manage their change in demand in an orderly fashion to clear the path to a resumption of growth. Our design win pipeline remains strong, our new cloud-optimized products are starting to ramp, and we are well positioned to navigate the current environment successfully and remain confident in our long-term growth drivers." said Matt Murphy, Marvell's President and CEO.


Q4 Outlook: Net revenue is expected to be $1.4B vs. consensus of $1.61B +/- 5%.
Non-GAAP gross margin is expected to be approximately 64.0%.
Non-GAAP operating expenses are expected to be approximately $430 million.
Non-GAAP diluted income per share is expected to be $0.46 vs. consensus of 0.62 +/- $0.05 per share.
Shares -7.84%.