Press release
Marvell Technology, Inc. Reports Fourth Quarter and Fiscal Year 2023 Financial Results
Q4 Net Revenue: $1.419 billion, grew by 6% year-on-yearQ4 Gross Margin: 47.5% GAAP gross margin; 63.5% non-GAAP gross marginQ4 Diluted income (loss) per
About this update from Marvell Technology, Inc.
[{"type":"text","content":"Q4 Net Revenue: $1.419 billion, grew by 6% year-on-yearQ4 Gross Margin: 47.5% GAAP gross margin; 63.5% non-GAAP gross marginQ4 Diluted income (loss) per share: $(0.02) GAAP diluted loss per share; $0.46 non-GAAP diluted income per shareSANTA CLARA, Calif., March 2, 2023 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the fourth fiscal quarter and the full fiscal year, ended January 28, 2023.\nNet revenue for the fourth quarter of fiscal 2023 was $1.419 billion, above the midpoint of the Company's guidance provided on January 11, 2023. GAAP net loss for the fourth quarter of fiscal 2023 was $(15) million, or $(0.02) per diluted share. Non-GAAP net income for the fourth quarter of fiscal 2023 was $396 million, or $0.46 per diluted share. Cash flow from operations for the fourth quarter was $351.5 million.\nNet revenue for fiscal 2023 was $5.920 billion. GAAP net loss for fiscal 2023 was $(164) million, or $(0.19) per diluted share. Non-GAAP net income for fiscal 2023 was $1.822 billion, or $2.12 per diluted share.\n\"Marvell delivered record revenue of $5.92 billion in fiscal 2023, growing 33 percent year over year driven by strong growth from cloud, 5G, auto and enterprise networking. In the fourth quarter of fiscal 2023, we achieved revenue of $1.419 billion, growing 6 percent year over year, above the midpoint of guidance, driven by better-than-forecasted results from our datacenter end market,\" said Matt Murphy, Marvell's President and CEO. \"While inventory corrections and resulting changes in product mix are impacting our guidance for fiscal first quarter revenue and gross margin, we expect these headwinds to subside later in fiscal 2024, as inventory levels normalize, and Marvell-specific growth drivers accelerate.\"\nFirst Quarter of Fiscal 2024 Financial Outlook \nNet revenue is expected to be $1.300 billion +/- 5%.GAAP gross margin is expected to be 45.1% +/- 1%.Non-GAAP gross margin is expected to be approximately 60%.GAAP operating expenses are expected to be approximately $687 million.Non-GAAP operating expenses are expected to be approximately $460 million.Basic weighted-average shares outstanding are expected to be 858 million.Diluted weighted-average shares outstanding are expected to be 863 million.GAAP diluted ...