— Marvell Technology Group (NASDAQ: MRVL) reported fourth quarter 2020 adjusted earnings of $0.17 per share vs. $0.16 expected.
— Revenue grew 8% to $717.7 million vs. $712.95 million expected.
— GAAP net income was $1778 billion, or $2.62 per share vs. a loss of $82.5 million or $0.12 per share in the fourth quarter of 2019.
— For the first quarter of fiscal 2021, revenue is expected to be $780 million +/- 5%.
— 1Q21 GAAP loss is expected to be $(0.20) to $(0.12) per share and non-GAAP income per share is expected to be $0.11 to $0.17 per share.
— On December 6, 2019, the company completed the divestiture of the Wi-Fi Connectivity business to NXP in which Marvell received $1.7 billion in cash proceeds.
— On December 31, 2019, Marvell completed an intra-entity asset transfer of certain of its intellectual property to a subsidiary in Singapore. This restructuring resulted in an income tax benefit of approximately $763 million in Q4 2020.
— MRVL stock jumped more than 10% in the extended hours of trading.
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