Marvell Technology Group Ltd., a leader in infrastructure semiconductor solutions, today reported financial results for the third fiscal quarter of fiscal year 2019. Revenue for the third quarter of fiscal 2019 was $851 million, which exceeded the midpoint of the Company's guidance provided on September 6, 2018.

GAAP net loss from continuing operations for the third quarter of fiscal 2019 was $54 million, or $(0.08) per diluted share. Non-GAAP net income from continuing operations for the third quarter of fiscal 2019 was $222 million, or $0.33 per diluted share. Cash flow from operations for the third quarter was $299 million.

"In the first full quarter operating as a combined Marvell and Cavium team, we completed key integration milestones ahead of schedule, delivered revenue above the midpoint of our guidance, and generated strong free cash flow at 30 percent of revenue. We also expect renewed revenue growth from the Cavium business in the fourth quarter," said Matt Murphy, Marvell's President and Chief Executive Officer. "Looking ahead, we expect the deployment of 5G will accelerate our growth over the next several years as engagements with a growing list of Tier 1 customers continue to build momentum in this major infrastructure transition."

Fourth Quarter of Fiscal 2019 Financial Outlook：

• Revenue is expected to be $790 million to $830 million.

• GAAP gross margin is expected to be approximately 46%.

• Non-GAAP gross margin is expected to be approximately 65%.

• GAAP operating expenses are expected to be $375 million to $385 million.

• Non-GAAP operating expenses are expected to be $285 million to $290 million.

• GAAP diluted loss per share from continuing operations is expected to be in the range of $(0.05) to $(0.01) per share.

• Non-GAAP diluted income per share from continuing operations is expected to be in the range of $0.30 to $0.34 per share.