Business
Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2022 Financial Results
- Q1 Net Revenue: $832 million, grew by 20% year-on-year - Q1 Gross Margin: 50.2% GAAP gross margin; 64.3% non-GAAP gross margin - Q1 Diluted income (loss)
About this update from Marvell Technology, Inc.
[{"type":"text","content":"- Q1 Net Revenue: $832 million, grew by 20% year-on-year\n - Q1 Gross Margin: 50.2% GAAP gross margin; 64.3% non-GAAP gross margin\n - Q1 Diluted income (loss) per share: $(0.13) GAAP diluted loss per share; $0.29 non-GAAP diluted income per share\n - Cash and cash equivalents: $523 million\n\n\nSANTA CLARA, Calif., June 7, 2021 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today reported financial results for the first quarter of fiscal year 2022.\nMarvell completed the acquisition of Inphi Corporation (\"Inphi\") on April 20, 2021 (the \"acquisition date\"), approximately 10 days before the end of the first quarter of fiscal 2022. Marvell's results for the first quarter of fiscal 2022 include the results of Inphi from the acquisition date, while prior periods presented do not.\nFinancial highlights presented below are for the combined company and Marvell stand-alone (excluding Inphi results) for the first quarter of fiscal year 2022 (in thousands, except percentages and per share amounts). We are providing the Marvell stand-alone non-GAAP results on a one time basis this quarter in light of the fact that our previously provided financial outlook for the first quarter excluded any impact of the Inphi acquisition.\nThree Months Ended\nMay 1, 2021\nCombined GAAP\nCombined Non-GAAP\nMarvell Stand-aloneNon-GAAP\nNet revenue\n$\n832,279\n$\n832,279\n$\n810,496\nGross margin\n50.2\n%\n64.3\n%\n64.3\n%\nOperating margin\n(9.9)\n%\n27.5\n%\n27.7\n%\nNet income (loss)\n$\n(88,242)\n$\n201,799\n$\n200,937\nDiluted net income (loss) per share\n$\n(0.13)\n$\n0.29\n$\n0.29\nNet revenue for the first quarter of fiscal 2022 was $832 million. GAAP net loss for the first quarter of fiscal 2022 was $(88) million, or $(0.13) per diluted share. Non-GAAP net income for the first quarter of fiscal 2022 was $202 million, or $0.29 per diluted share. \n\"We began fiscal 2022 on a strong note, with stand-alone Marvell revenue growing 17% year-over-year for the first quarter. The acquisition of Inphi increases and accelerates our growth opportunity in the data center, Marvell's largest end market by revenue,\" said Matt Murphy, Marvell's President and CEO. \"Marvell's outlook for strong revenue growth in the second quarter highlights robust demand across all our key end markets. I have never ...