Marvell Technology Group Ltd. , a leader in storage, networking and connectivity semiconductor solutions, today reported financial results for the third fiscal quarter of fiscal year 2018. Revenue for the third quarter of fiscal 2018 was $616 million, which exceeded the midpoint of the Company's guidance provided on August 24, 2017.

GAAP net income from continuing operations for the third quarter of fiscal 2018 was $149 million, or $0.30 per share. Non-GAAP net income from continuing operations for the third quarter of fiscal 2018 was $172 million, or $0.34 per diluted share. Cash flow from operations for the third quarter was $216 million.

"Our strong performance in the third quarter is a direct result of growth in our core businesses and improved execution across the company, enabling us to continue to unlock the earnings power of Marvell," said Matt Murphy, Marvell President and CEO.

Fourth Quarter of Fiscal 2018 Financial Outlook：

● Revenue is expected to be $595 million to $625 million.

● GAAP and non-GAAP gross margins are expected to be approximately 62%.

● GAAP operating expenses are expected to be $240 million to $246 million.

● Non-GAAP operating expenses are expected to be $215 million to $220 million.

● GAAP diluted EPS from continuing operations is expected to be in the range of $0.23 to $0.29 per share.

● Non-GAAP diluted EPS from continuing operations is expected to be in the range of $0.29 to $0.33 per share.

On November 20, 2017, Marvell Technology Group Ltd. announced a definitive agreement to acquire all outstanding shares of the common stock of Cavium, Inc. The transaction is expected to close in mid-calendar 2018, subject to regulatory approval as well as other customary closing conditions, including the adoption by Cavium shareholders of the merger agreement and the approval by Marvell shareholders of the issuance of Marvell common shares in the transaction.