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MRVL’s net revenue increased 61.5% year-over-year to $1.21 billion for the quarter, beating the consensus estimate by 5.5%. While its non-GAAP net income increased 116.4% year-over-year to $364.32 million, its non-GAAP EPS came in at $0.43, up 72% year-over-year and 12.2% higher than the consensus estimate.
On December 2, the Hamilton, Bermuda-based company introduced the industry’s first multi-gig Ethernet camera bridge solution, the 88QB5224, for best-in-class video distribution in connected vehicles. However, MRVL faces intense competition from other players in the semiconductor space, such as NXP Semiconductors N.V. (NASDAQ:NXPI) and Micron Technology, Inc. (NASDAQ:MU). Moreover, MRVL’s President, Products and Tech, Raghib Hussain, sold 324,957 shares in November, and its Director, Michael Strachan, sold 5,000 shares in September. So, MRVL’s near-term prospects do not seem very promising.
