Press release
Marvell Technology, Inc. Reports Third Quarter of Fiscal Year 2024 Financial Results
Q3 Net Revenue: $1.419 billion, declined by 8% year-on-yearQ3 Gross Margin: 38.9% GAAP gross margin; 60.6% non-GAAP gross marginQ3 Diluted income (loss) per
About this update from Marvell Technology, Inc.
[{"type":"text","content":"Q3 Net Revenue: $1.419 billion, declined by 8% year-on-yearQ3 Gross Margin: 38.9% GAAP gross margin; 60.6% non-GAAP gross marginQ3 Diluted income (loss) per share: $(0.19) GAAP diluted loss per share; $0.41 non-GAAP diluted income per shareSANTA CLARA, Calif., Nov. 30, 2023 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2024.\nNet revenue for the third quarter of fiscal 2024 was $1.419 billion, $19 million above the midpoint of the Company's guidance provided on August 24, 2023. GAAP net loss for the third quarter of fiscal 2024 was $(164.3) million, or $(0.19) per diluted share. Non-GAAP net income for the third quarter of fiscal 2024 was $354.1 million, or $0.41 per diluted share. Cash flow from operations for the third quarter was $503.0 million.\n\"Marvell delivered third quarter fiscal 2024 revenue of $1.419 billion, growing 6% sequentially, above the midpoint of guidance. Revenue from our datacenter end market grew over 20% sequentially in the third quarter, and we expect growth of over 30% sequentially in our fourth quarter,\" said Matt Murphy, Marvell's Chairman and CEO. \"The diversification of our portfolio is serving us well, with strong growth from AI and cloud carrying us through a softening demand environment in other end markets. These dynamics are reflected in our forecast for overall revenue to be flat sequentially in the fourth quarter at the midpoint of guidance.\"\nFourth Quarter of Fiscal 2024 Financial Outlook\nNet revenue is expected to be $1.420 billion +/- 5%.GAAP gross margin is expected to be 48.2% - 50.7%.Non-GAAP gross margin is expected to be 63.5% - 64.5%.GAAP operating expenses are expected to be approximately $680 million.Non-GAAP operating expenses are expected to be approximately $430 million.Basic weighted average shares outstanding are expected to be 865 million.Diluted weighted average shares outstanding are expected to be 874 million.GAAP diluted loss per share is expected to be $(0.03) +/- $0.05 per share.Non-GAAP diluted income per share is expected to be $0.46 +/- $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 diluted weighted average shares outstanding w...