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What: Marvell Technology Group
So what: Non-GAAP EPS of $0.40, flat versus the year-ago quarter, missed the $0.42 consensus estimate on weaker-than-expected revenue. For the current quarter, management guided to non-GAAP EPS of about $0.30 and revenue of $800 million to $850 million -- below the consensus forecast of $0.36 and $850 million, respectively.
Now what: Marvell suffered from inventory issues, weak PC demand, and an unfavorable mix shift at a mobile device customer. Management believes the inventory challenges are "largely behind" it, PC-related demand will improve in March/April, and over the long term it can adapt to the mix shift at its mobile device customer. With PC demand being pressured by tablets and troubled Research In Motion
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