Exhibit 99.1

Marvell Technology Reports Fiscal Fourth Quarter and Fiscal 2010 Results

Revenue: $843 Million, FQ410; $2.81 Billion, FY2010

GAAP Net Income: $205 Million, FQ410; $353 Million, FY2010

Free Cash Flow: $253 Million, FQ410; $756 Million, FY2010

Santa Clara, California (March 4, 2010) — Marvell Technology Group Ltd. (NASDAQ: MRVL), a world leader in storage, communications and consumer silicon solutions, today reported financial results for the fourth quarter and fiscal year 2010, ended January 30, 2010.

Net revenue for the fourth quarter of fiscal 2010 was $843 million, a 64 percent increase from $513 million in the fourth quarter of fiscal 2009, ended January 31, 2009, and a 5 percent sequential increase from $803 million in the third quarter of fiscal 2010, ended October 31, 2009.

Net revenue for the fiscal year ended January 30, 2010 was $2.81 billion, a decrease of 5 percent over reported net revenue of $2.95 billion for the fiscal year ended January 31, 2009.

GAAP net income was $205 million, or $0.31 per share (diluted), for the fourth quarter of fiscal 2010, compared with a GAAP net loss of $65 million, or $0.11 per share (diluted), for the fourth quarter of fiscal 2009. GAAP net income in the third quarter of fiscal 2010 was $202 million, or $0.31 per share (diluted).

GAAP net income was $353 million, or $0.54 per share (diluted), for the year ended January 30, 2010, compared with a GAAP net income of $147 million, or $0.23 per share (diluted), for the year ended January 31, 2009.

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Non-GAAP net income increased to $266 million, or $0.40 per share (diluted), for the fourth quarter of fiscal 2010, as compared with non-GAAP net income of $32 million, or $0.05 per share (diluted), for the fourth quarter of fiscal 2009. Non-GAAP net income for the third quarter of fiscal 2010 was $232 million, or $0.35 per share (diluted).

For the fiscal year ended January 30, 2010, non-GAAP net income was $648 million, or $0.99 per share (diluted), as compared with non-GAAP net income of $482 million, or $0.76 per share (diluted), for the fiscal year ended January 31, 2009.

“The results for our fourth quarter and fiscal year bring to a close one of the most challenging but successful years for Marvell,” said Dr. Sehat Sutardja, Marvell’s Chairman and Chief Executive Officer. “I am very pleased with the progress we have made over the previous 12 months, in the face of a turbulent global economy. During the past year, we have transformed our organization to improve the efficiency of product development, we have refined our business model to deliver world-class financial performance and we have laid the groundwork to accelerate our growth in the coming years. While I am proud of the progress we have made, we continue to be mindful of the challenging economic environment we operate within and the effect macro-economic events could potentially have on our business. Consequently, we will continue to focus on the aspects of our business we can control and influence. We believe it is important to aggressively invest in our employees and product development to allow Marvell to continue to deliver solutions that enable our customer’s success.”

Marvell reports net income (loss), basic and diluted net income (loss) 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 (loss) to non-GAAP net income for the three months ended January 30, 2010, October 31, 2009 and January 31, 2009 and fiscal years ended January 30, 2010 and January 31, 2009, respectively, 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.

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GAAP gross margin for the fourth quarter of fiscal 2010 was 59.7 percent, compared to 50.7 percent for the fourth quarter of fiscal 2009, and 57.5 percent for the third quarter of fiscal 2010. GAAP gross margin for fiscal 2010 was 56.3 percent compared to 51.6 percent for fiscal 2009.

Non-GAAP gross margin for the fourth quarter of fiscal 2010 was 60.0 percent, compared to 51.3 percent for the fourth quarter of fiscal 2009 and 57.8 percent for the third quarter of fiscal 2010. Non-GAAP gross margin for fiscal 2010 was 56.7 percent compared to 52.0 percent for fiscal 2009.

Shares used to compute GAAP net income per diluted share for the fourth quarter of fiscal 2010 were 669 million shares, compared with 615 million shares in the fourth quarter of fiscal 2009 and 660 million shares in the third quarter of fiscal 2010. Shares used to compute non-GAAP net income per diluted share for the fourth quarter of fiscal 2010 were 672 million shares compared with 629 million shares for the fourth quarter of fiscal 2009 and 664 million shares for the third quarter of fiscal 2010.

Shares used to compute GAAP net income per diluted share for the fiscal year ended January 30, 2010 were 654 million shares, compared with 630 million shares used to compute GAAP net income per diluted share for the fiscal year ended January 31, 2009. Shares used to compute non-GAAP net income per diluted share for the fiscal year ended January 30, 2010 were 657 million shares compared with 630 million shares for the fiscal year ended January 31, 2009.

Cash flow from operations for the fourth quarter of fiscal 2010 was $281 million, up from the $109 million in the fourth quarter of fiscal 2009 and up from the $204 million reported in the third quarter of fiscal 2010. Cash flow from operations for fiscal 2010 was $812 million, compared to $681 million for fiscal 2009. Free cash flow for the fourth quarter of fiscal 2010, was $253 million, up from the $93 million in the fourth quarter of fiscal 2009 and up from the $196 million reported in the third quarter of fiscal 2010. Free cash flow for fiscal 2010 was $756 million, compared to $602 million in fiscal 2009. Free cash flow as presented above is defined as cash flow from operations, less capital expenditures and purchases of IP licenses.

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Conference Call

Marvell will be conducting a conference call on March 4, 2010 at 1:45 p.m. Pacific Time to discuss results for the fourth fiscal quarter and fiscal year 2010. Interested parties may join the conference call by dialing 1-866-770-7120, pass-code 57220826. 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 April 4, 2010.

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 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.

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About Marvell

Marvell Technology Group Ltd. (NASDAQ: MRVL) 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 the “Company” and “Marvell” refer to Marvell Technology Group Ltd. and its subsidiaries. For more information please visit www.marvell.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding our ability to operate in a challenging economic environment; our ability to aggressively invest in our people and product development; and statements concerning the Company’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, the Company’s reliance on major customers and suppliers; market acceptance of new products; uncertainty in the worldwide economic environment; successful execution of the Company’s restructuring plan and other risks detailed in Marvell’s SEC filings. When Marvell files its Form 10-K for fiscal year 2010, the financial statements may differ from the results disclosed in this press release because judgments and estimates that management used in preparing the financial results reported in this press release may need to be updated to the date of the filing. The Company’s results also remain subject to review by the Company’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 October 31, 2009 and Current Reports on Form 8-K, 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.

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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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