Press release
Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2024 Financial Results
Q1 Net Revenue: $1.322 billion, declined by 9% year-on-yearQ1 Gross Margin: 42.2% GAAP gross margin; 60.0% non-GAAP gross marginQ1 Diluted income (loss) per
About this update from Marvell Technology, Inc.
[{"type":"text","content":"Q1 Net Revenue: $1.322 billion, declined by 9% year-on-yearQ1 Gross Margin: 42.2% GAAP gross margin; 60.0% non-GAAP gross marginQ1 Diluted income (loss) per share: $(0.20) GAAP diluted loss per share; $0.31 non-GAAP diluted income per shareSANTA CLARA, Calif., May 25, 2023 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the first quarter of fiscal year 2024.\nNet revenue for the first quarter of fiscal 2024 was $1.322 billion, $22 million above the midpoint of the Company's guidance provided on March 2, 2023. GAAP net loss for the first quarter of fiscal 2024 was $(168.9) million, or $(0.20) per diluted share. Non-GAAP net income for the first quarter of fiscal 2024 was $264 million, or $0.31 per diluted share. Cash flow from operations for the first quarter was $208.4 million.\n\"We delivered first quarter fiscal 2024 revenue of $1.322 billion, above the midpoint of guidance, and are forecasting sequential revenue growth in the second quarter. We are expecting revenue growth to accelerate in the second half of this fiscal year, accompanied by gross and operating margin expansion,\" said Matt Murphy, Marvell's President and CEO. \"AI has emerged as a key growth driver for Marvell, which we are enabling with our leading network connectivity products and emerging cloud optimized silicon platform. While we are still in the early stages of our AI ramp, we are forecasting our AI revenue in fiscal 2024 to at least double from the prior year and continue to grow rapidly in the coming years.\"\nSecond Quarter of Fiscal 2024 Financial Outlook \nNet revenue is expected to be $1.330 billion +/- 5%.GAAP gross margin is expected to be 44.3% - 46.8%.Non-GAAP gross margin is expected to be approximately 60.0% - 61.0%.GAAP operating expenses are expected to be approximately $694 million.Non-GAAP operating expenses are expected to be approximately $455 million.Basic weighted average shares outstanding are expected to be 861 million.Diluted weighted average shares outstanding are expected to be 865 million.GAAP diluted loss per share is expected to be $(0.16) +/- $0.05 per share.Non-GAAP diluted income per share is expected to be $0.32 +/- $0.05 per share.GAAP diluted EPS is calculated using basic weighted average shares outstanding when there i...