Friday, August 27, 2021

Marvell reports revenue growth in cloud infrastructure

Marvell reported net revenue for the second quarter of its fiscal 2022 of $1.076 billion. GAAP net loss for the second quarter of fiscal 2022 was $(276) million, or $(0.34) per diluted share. Non-GAAP net income for the second quarter of fiscal 2022 was $284 million, or $0.34 per diluted share. Cash flow from operations for the second quarter was $222 million.

"Marvell delivered record revenue of $1.076 billion in the fiscal second quarter, above the midpoint of guidance, growing 29 percent sequentially and 48 percent year over year. Growth was driven by the data center, which now represents Marvell's largest end market at 40 percent of total revenue, benefiting from our growing momentum in the fast-growing cloud infrastructure market," said Matt Murphy, Marvell's President and CEO. "I am pleased that stand-alone Marvell and the acquired Inphi businesses both contributed to our strong year-over-year revenue growth. We expect year-over-year revenue growth will accelerate in the third quarter, led by substantial contributions from the cloud data center market. In addition, we expect our 5G business to continue to grow with strong sequential revenue growth in the third quarter, and a significant step up projected in the fourth quarter."

An investor presentation is online.

EXFO completes going-private transaction

EXFO completed its previously-announced going-private transaction and subordinate voting shares of EXFO will be voluntarily and imminently de-listed from the Toronto Stock Exchange and the NASDAQ.

A corporation controlled by Germain Lamonde acquired all the issued and outstanding subordinate voting shares of EXFO, other than the subordinate voting shares held by the purchaser, for US $6.25 per subordinate voting share in cash.

"As we're about to write a new chapter in EXFO's 36-year history, I would like to express my heartfelt appreciation to shareholders, customers and employees around the world as we heard you loud and clear with your overwhelming support and confidence in our going-private transaction," said Germain Lamonde, EXFO's founder and majority shareholder. "EXFO has built a tremendous reputation as a disruptive innovator and partner of choice with best-of-class support and service on a global basis. Although a competitor created unnecessary noise during this privatization process to reduce the competitive environment, I can assure all customers that EXFO is emerging stronger and more determined than ever to continue making a difference in your networks while expanding our leadership in the telecom test and service assurance industry."