Cavium Records Tepid Growth During 1Q as It Awaits Acquisition by Marvell Technology
Cavium reported first-quarter results that came in below our expectations, as revenue grew only 0.5% year over year. The firm is ramping up a bevy of products and had previously enjoyed balanced growth across its end markets in recent quarters. Given the pending purchase of Cavium by Marvell Technology, the firm did not host a conference call to discuss its results or provide forward guidance. First-quarter revenue came in at $230.8 million. While we don't believe Cavium has an economic moat, we...Cavium is a provider of semiconductor processors that enable processing for wired and wireless infrastructure and cloud for networking, communications, storage, and security applications. The company's products consist of multi-core processors for embedded and data center applications, network connectivity for server and switches, storage connectivity, and security processors for offload and appliance. A range of the company's products also include a suite of embedded security protocols that enable unified threat management, secure connectivity, network perimeter protection, and deep packet inspection. Several of the company's products are systems on a chip, which incorporate single or multiple processor cores.
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