Press release
Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2023 Financial Results
Q1 Net Revenue: $1.447 billion, grew by 74% year-on-yearQ1 Gross Margin: 51.9% GAAP gross margin; 65.5% non-GAAP gross marginQ1 Diluted income (loss) per
About this update from Marvell Technology, Inc.
[{"type":"text","content":"Q1 Net Revenue: $1.447 billion, grew by 74% year-on-yearQ1 Gross Margin: 51.9% GAAP gross margin; 65.5% non-GAAP gross marginQ1 Diluted income (loss) per share: $(0.20) GAAP diluted loss per share; $0.52 non-GAAP diluted income per shareSANTA CLARA, Calif., May 26, 2022 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today reported financial results for the first quarter of fiscal year 2023.\nNet revenue for the first quarter of fiscal 2023 was $1.447 billion, which exceeded the midpoint of the Company's guidance provided on March 3, 2022. GAAP net loss for the first quarter of fiscal 2023 was $(166) million, or $(0.20) per diluted share. Non-GAAP net income for the first quarter of fiscal 2023 was $448 million, or $0.52 per diluted share. Cash flow from operations for the first quarter was $194.8 million.\n\"We had a strong start to fiscal 2023, delivering record first quarter revenue of $1.45 billion, which grew 8 percent sequentially and 74 percent year over year. Revenue exceeded the midpoint of guidance, driven by higher-than-forecasted results from the datacenter end market. Our new product ramps and growth in content have been instrumental in driving strong revenue growth,\" said Matt Murphy, Marvell's President and CEO. \"We are guiding for growth to continue in the second quarter, projecting revenue at the midpoint to grow 5 percent sequentially and 41 percent year over year. With 88 percent of our overall revenue derived from data infrastructure, we are confident that our unique secular growth drivers in cloud, 5G, and auto, will continue to help drive sustainable long-term growth.\"\nSecond Quarter of Fiscal 2023 Financial Outlook \nNet revenue is expected to be $1.515 billion +/- 3%.GAAP gross margin is expected to be 49.6% to 51.9%.Non-GAAP gross margin is expected to be 65.0% to 65.5%.GAAP operating expenses are expected to be approximately $669 million.Non-GAAP operating expenses are expected to be approximately $435 million.Basic weighted average shares outstanding are expected to be 853 million.Diluted weighted average shares outstanding are expected to be 862 million.GAAP diluted income per share is expected to be $0.06 +/- $0.04 per share.Non-GAAP diluted income per share is expected to be $0.56 +/- $0.03 per share.GAAP diluted EPS is calculated usin...