Press release
Marvell Technology, Inc. Reports Third Quarter of Fiscal Year 2022 Financial Results
- Q3 Net Revenue: $1.211 billion, grew by 61% year-on-year - Q3 Gross Margin: 48.5% GAAP gross margin; 65.1% non-GAAP gross margin - Q3 Diluted income (loss)
About this update from Marvell Technology, Inc.
[{"type":"text","content":"- Q3 Net Revenue: $1.211 billion, grew by 61% year-on-year\n - Q3 Gross Margin: 48.5% GAAP gross margin; 65.1% non-GAAP gross margin\n - Q3 Diluted income (loss) per share: $(0.08) GAAP diluted loss per share; $0.43 non-GAAP diluted income per share\n\n\nSANTA CLARA, Calif., Dec. 2, 2021 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2022.\nMarvell completed the acquisition of Innovium, Inc. (\"Innovium\") on October 5, 2021 (the \"acquisition date\"), approximately 25 days before the end of the third quarter of fiscal year 2022. Marvell's results for the third quarter of fiscal 2022 include the results of Innovium from the acquisition date, while prior periods presented do not.\nNet revenue for the third quarter of fiscal 2022 was $1.211 billion, which exceeded the midpoint of the Company's guidance provided on August 26, 2021. GAAP net loss for the third quarter of fiscal 2022 was $(63) million, or $(0.08) per diluted share. Non-GAAP net income for the third quarter of fiscal 2022 was $364 million, or $0.43 per diluted share. Cash flow from operations for the third quarter was $265 million. \n\"Marvell delivered record revenue of $1.211 billion in the fiscal third quarter, growing 13 percent sequentially and 61 percent year over year, exceeding the high end of our guidance. Revenue grew substantially in each of our five end markets, led by data center, our largest contributor at 41 percent of total revenue, which grew 15 percent sequentially and 109 percent year over year,\" said Matt Murphy, Marvell's President and CEO. \"For the fourth quarter, we are expecting sequential revenue growth of 9 percent at the midpoint of guidance, led by 5G, which is projected to increase by 30 percent sequentially and data center which is forecasted to continue to grow in the double digits on a percentage basis.\"\nThe financial outlook for the fourth quarter of fiscal 2022 includes expected results of Innovium for the full quarter.\nFourth Quarter of Fiscal 2022 Financial Outlook \nNet revenue is expected to be $1.320 billion +/- 3%. GAAP gross margin is expected to be 47.9% to 49.8%. Non-GAAP gross margin is expected to be approximately 65%. GAAP operating expenses are expected to be $630 million to $640 million...