Exhibit 99.1

Marvell Technology Group Ltd. Reports Second Quarter of Fiscal 2012 Financial Results

Revenue: $898 Million, a 12 percent sequential increase

GAAP Net Income: $192 Million, EPS of $0.31

Non GAAP Net Income: $234 Million, EPS of $0.38

Free Cash Flow: $235 Million, 26 Percent of Revenue

Santa Clara, Calif. (August 18, 2011) — Marvell Technology Group Ltd. (NASDAQ: MRVL), a global leader in integrated silicon solutions, today reported financial results for the second quarter of fiscal 2012, ended July 30, 2011.

Revenue for the second quarter of fiscal 2012 was $898 million, a 12 percent sequential increase from $802 million in the first quarter of fiscal 2012, ended April 30, 2011, and up slightly from $896 million in the second quarter of fiscal 2011, ended July 31, 2010.

GAAP net income was $192 million, or $0.31 per share (diluted), for the second quarter of fiscal 2012, compared with GAAP net income of $147 million, or $0.22 per share (diluted) in the first quarter of fiscal 2012, and $220 million, or $0.33 per share (diluted), for the second quarter of fiscal 2011.

Non-GAAP net income was $234 million, or $0.38 per share (diluted), for the second quarter of fiscal 2012, compared with non-GAAP net income of $189 million, or $0.29 per share (diluted) for the first quarter of fiscal 2012 and $273 million, or $0.40 per share (diluted), for the second quarter of fiscal 2011.

“We continue to execute well on all of our new product initiatives including in our Mobile and Wireless end market which grew 18% sequentially,” said Dr. Sehat Sutardja, Marvell’s Chairman and Chief Executive Officer. “Our second quarter results were at the high-end of our earlier projected range and we experienced

solid revenue growth in all our served end markets leading to increased profitability. Looking forward, we continue to focus our investments on initiatives designed to increase revenue and profit through both new products and share gains.”

Marvell reports net income, basic and diluted net income per share in accordance with U.S. generally accepted accounting principles (GAAP) and on a non-GAAP basis as outlined below. Reconciliations of GAAP net income to non-GAAP net income for the three months ended July 30, 2011, April 30, 2011 and July 31, 2010 appear in the financial statements below. Non-GAAP net income, where applicable, excludes the effect of stock-based compensation, amortization and write-offs of acquired intangible assets, restructuring costs and certain one-time expenses or benefits.

GAAP gross margin for the second quarter of fiscal 2012 was 57.9 percent, compared to 58.3 percent for the first quarter of fiscal 2012 and 59.1 percent for the second quarter of fiscal 2011.

Non-GAAP gross margin for the second quarter of fiscal 2012 was 58.1 percent, compared to 58.5 percent for the first quarter of fiscal 2012 and 59.3 percent for the second quarter of fiscal 2011.

Shares used to compute GAAP net income per diluted share for the second quarter of fiscal 2012 were 623 million shares, compared with 657 million shares in the first quarter of fiscal 2012 and 675 million shares in the second quarter of fiscal 2011. Shares used to compute non-GAAP net income per diluted share for the second quarter of fiscal 2012 were 625 million shares, compared with 663 million shares for the first quarter of fiscal 2012 and 678 million shares for the second quarter of fiscal 2011. The decrease in shares used to compute both Marvell’s GAAP and non-GAAP net income per diluted share was primarily due to Marvell’s share repurchase program.

Cash flow from operations for the second quarter of fiscal 2012 was $263 million, up from the $177 million reported in the first quarter of fiscal 2012 and down from the $319 million in the second quarter of fiscal 2011. Free cash flow for the second quarter of fiscal 2012 was $235 million, up from the $157 million reported in the first quarter of fiscal 2012 and down from the $292 million in second quarter of fiscal 2011. During the last 12 months, Marvell generated over $900 million in free cash flow and the second quarter of fiscal 2012 represents the 16^th consecutive quarter of positive free cash flow for the company. Despite the cyclical nature of the

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semiconductor industry and even through broader economic downturns, Marvell’s proven business model has generated positive free cash flow. Free cash flow as presented above is defined as cash flow from operations, less capital expenditures and purchases of IP licenses.

Under the share repurchase program, Marvell repurchased approximately nine million shares for a total of $136 million in the second quarter of fiscal 2012. Over the past few quarters, Marvell has repurchased and retired over 64 million, or nearly 10 percent, of its outstanding shares demonstrating its commitment to returning shareholder value.

Conference Call

Marvell will be conducting a conference call on August 18, 2011 at 1:45 p.m. Pacific Time to discuss results for the second quarter of fiscal 2012. Interested parties may join the conference call by dialing 1-800-901-5248 or 1-617-786-4512, pass-code 72146086. The call will be webcast by Thomson Reuters and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ with a replay available following the call until September 18, 2011.

Discussion of Non-GAAP Financial Measures

Non-GAAP financial measures exclude stock-based compensation expense as well as charges related to acquisitions, restructuring, gains and other charges that are driven primarily by discrete events that management does not consider to be directly related to Marvell’s core operating performance. Non-GAAP earnings per share is calculated by dividing non-GAAP net income by non-GAAP weighted average shares outstanding (diluted). For purposes of calculating non-GAAP earnings per share, the GAAP weighted average shares outstanding (diluted) is adjusted to exclude the potential benefits of compensation costs expected to be incurred in future periods, but not yet recognized in the financial statements. The expected compensation costs are treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method and also include the dilutive/antidilutive effects of common stock options and restricted stock.

Marvell believes that the presentation of non-GAAP financial measures provide important supplemental information to management and investors regarding financial and business trends relating to Marvell’s financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a

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substitute for, or superior to, the information provided by GAAP financial measures. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. For further information regarding why Marvell believes that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to Marvell’s Current Report on Form 8-K filed today with the SEC. The Form 8-K is available on the SEC’s website at www.sec.gov as well as on the Marvell website in the Investor Relations section at www.marvell.com.

About Marvell

Marvell is a global leader in the development of storage, communications and consumer silicon solutions. Marvell’s diverse product portfolio includes switching, transceiver, communications controller, wireless and storage solutions that power the entire communications infrastructure, including enterprise, metro, home and storage networking. As used in this release, the term “Marvell” refers to Marvell Technology Group Ltd. and its subsidiaries. For more information please visit www.marvell.com.

Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding the ability of Marvell to continue to execute on all of its new product initiatives; Marvell’s ability to increase revenue and profit opportunities through both new products and share gains; and statements concerning Marvell’s use of non-GAAP net income and net income per share as important supplemental information. These statements are not guarantees of results and should not be considered as an indication of future performance. Actual events or results may differ materially from those described in this document due to a number of risks and uncertainties, including, among others, Marvell’s reliance on a few customers for a significant portion of its revenue; Marvell’s ability to develop and introduce new and enhanced products in a timely and cost effective manner; uncertainty in the worldwide economic environment; seasonality in sales of consumer devices in which our products are incorporated; Marvell’s ability to compete in products and prices in an intensely competitive industry; Marvell’s ability to recruit and retain skilled personnel; and other risks detailed in Marvell’s SEC filings from time to time. When Marvell files its Form 10-Q for the second quarter of fiscal 2012, the financial statements may differ from the results disclosed in this press release because judgments and estimates that

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management used in preparing the financial results reported in this press release may need to be updated to the date of the filing. Marvell’s results also remain subject to review by Marvell’s independent registered public accounting firm. For other factors that could cause Marvell’s results to vary from expectations, please see the risk factors identified in the Marvell’s latest Quarterly Report on Form 10-Q for the quarter ended April 30, 2011, as filed with the SEC and other factors detailed from time to time in Marvell’s filings with the SEC. Marvell undertakes no obligation to revise or update publicly any forward-looking statements.

Marvell^® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.

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Marvell Technology Group Ltd.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)

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Marvell Technology Group Ltd.

Reconciliation of GAAP Net Income to Non-GAAP Net Income

(Unaudited)

(In thousands, except per share amounts)

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Marvell Technology Group Ltd.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

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Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

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