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When Marvell Technology Group Ltd. (NASDAQ: MRVL) reported its fiscal fourth-quarter financial results after the markets closed on Thursday, the firm said that it had $0.25 in earnings per share (EPS) and $744.8 million billion in revenue. Consensus estimates had called for $0.25 in EPS and $740 million in revenue, and the same period of last year reportedly had $0.32 in EPS and $615.4 million in revenue.

Marvell closed its acquisition with Caium back in July, and management reports that it has increased its prior synergy target to $200 million, which is on track to achieve by the end of fiscal 2020 on a run-rate basis.

Separately, the firm improved its year-on-year gross margin by 2.5 percentage points to 63.9% and increased its operating margin from 25.9% to 27.6%.

Looking ahead to the fiscal first quarter, Marvell expects to see EPS in the range of $0.12 to $0.16 with revenue of around $650 million, give or take 3%. Consensus estimates call for $0.23 in EPS and $718.16 million in revenue for the quarter.

Matt Murphy, Marvell’s president and CEO, commented:

Marvell continued to improve its financial performance in fiscal 2019, while also increasing scale and diversifying its business through the acquisition of Cavium. While macroeconomic conditions are currently impacting our first quarter outlook, we expect growth to resume in the second quarter. Looking ahead, we are excited about our expanding position in the 5G market, including our recently announced partnership with Samsung, which includes multiple generations of baseband and control plane processors for both LTE and 5G base stations.

Shares of Marvell were last seen down 3% at $18.59 on Friday, in a 52-week range of $14.34 to $25.18. The consensus price target is $22.93.