Marvell Technology Group Ltd., a leader in storage, networking and connectivity semiconductor solutions, today reported financial results for the fourth fiscal quarter and the full fiscal year, ended February 3, 2018. Revenue for the fourth quarter of fiscal 2018 was $615 million, which exceeded the midpoint of the Company's guidance provided on November 28, 2017.

GAAP net income from continuing operations for the fourth quarter of fiscal 2018 was $49 million, or $0.10 per share. Non-GAAP net income from continuing operations for the fourth quarter of fiscal 2018 was $165 million, or $0.32 per diluted share. Cash flow from operations for the fourth quarter was $120 million.

"Our strong fourth quarter and fiscal year results continue to demonstrate that Marvell's strategy is working and that our team is executing it very well," said Marvell President and CEO Matt Murphy. "We are making tremendous progress in the transformation of Marvell, and I look forward to the year ahead."

First Quarter of Fiscal 2019 Financial Outlook

Revenue is expected to be $585 million to $615 million.

GAAP and non-GAAP gross margins are expected to be approximately 62% to 63%.

GAAP operating expenses are expected to be $250 million to $260 million.

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

GAAP diluted EPS from continuing operations is expected to be in the range of $0.22 to $0.26 per share.

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