Marvell Technology Group Ltd. (NASDAQ:MRVL) shares have tacked on about 50% year-to-date, outperforming the broader S&P 500 Index, which gained 20%.
In comparison, the iShares S&P NA Tec. Semi. Idx. Fd. (NASDAQ:SOXX) has gained about 42%.
Marvell is a fabless semiconductor provider of high-performance, application-specific standard products.
Fabless semiconductor companies ones that design and develop chips but outsource the manufacturing.
Marvell has evolved from a supplier of standalone semiconductor components into a supplier of fully integrated platform solutions.
It has trimmed its exposure to consumer markets such as PCs and has instead focused on infrastructure markets such as enterprise, data center and service provider networks.
Marvel offers products under two broad groups, storage and networking, with the former fetching 52% of 2018 revenue and the latter 40%.
Storage Products
Networking Products
Marvell's embedded processors include OCTEON multi-core processors, the OCTEON Fusion-M family of wireless baseband processors, NITROX processors and ThunderX processors.
Customers
Marvell's target customers are OEMs and ODMs, which design and manufacture end-market devices.
Western Digital Corp (NASDAQ:WDC) accounted for roughly 12% of Marvell's revenue in the fiscal year ended Feb. 2, 2019, according to the recent 10-K filing.
Toshiba Corp (OTC:TOSYY), excluding Toshiba Memory Corp., which was divested in fiscal year 2019), contributed 11% of Marvell's top-line, and Seagate Technology PLC (NASDAQ:STX) accounted for 10% of the revenue.
Most of the customers are located in Asia. Sales to customers with operations in Asia accounted for 85% of Marvell's net revenue in fiscal year 2019.
Marvell shares were down 2.97% at $23.38 at the time of publication Wednesday.
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