Press release
Marvell Technology, Inc. Reports Second Quarter of Fiscal Year 2025 Financial Results
Q2 Net Revenue: $1.273 billion, declined by (5)% year-on-yearQ2 Gross Margin: 46.2% GAAP gross margin; 61.9% non-GAAP gross marginQ2 Diluted income (loss) per
About this update from Marvell Technology, Inc.
[{"type":"text","content":"Q2 Net Revenue: $1.273 billion, declined by (5)% year-on-yearQ2 Gross Margin: 46.2% GAAP gross margin; 61.9% non-GAAP gross marginQ2 Diluted income (loss) per share: $(0.22) GAAP diluted loss per share; $0.30 non-GAAP diluted income per shareSANTA CLARA, Calif., Aug. 29, 2024 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the second quarter of fiscal year 2025.\nNet revenue for the second quarter of fiscal 2025 was $1.273 billion, $23.0 million above the mid-point of the Company's guidance provided on May 30, 2024. GAAP net loss for the second quarter of fiscal 2025 was $(193.3) million, or $(0.22) per diluted share. Non-GAAP net income for the second quarter of fiscal 2025 was $266.2 million, or $0.30 per diluted share. Cash flow from operations for the second quarter was $306.4 million.\n\"Marvell's second quarter revenue grew 10% sequentially, above the mid-point of guidance driven by strong demand from AI. We saw strong growth from our electro-optics products and our custom AI programs began to ramp,\" said Matt Murphy, Marvell's Chairman and CEO. \"Next quarter, we expect our combined enterprise networking and carrier end markets to return to growth, while our data center end market growth accelerates. As a result, for the third quarter of fiscal 2025, we expect all our end markets to grow sequentially, with consolidated revenue forecasted to grow 14% sequentially at the mid-point, accompanied by a significant increase in operating leverage.\"\nThird Quarter of Fiscal 2025 Financial Outlook\nNet revenue is expected to be $1.450 billion +/- 5%.GAAP gross margin is expected to be approximately 47.2%.Non-GAAP gross margin is expected to be approximately 61%.GAAP operating expenses are expected to be approximately $693 million.Non-GAAP operating expenses are expected to be approximately $465 million.Basic weighted-average shares outstanding are expected to be 867 million.Diluted weighted-average shares outstanding are expected to be 875 million.GAAP diluted loss per share is expected to be $(0.09) +/- $0.05 per share.Non-GAAP diluted income per share is expected to be $0.40 +/- $0.05 per share.GAAP diluted EPS is calculated using basic weighted-average shares outstanding when there is a GAAP net loss, and calculated using dil...