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May 01, 2021
Marvell Q1 2022 Earnings Report
Reported a strong start to fiscal 2022 with revenue growth and the acquisition of Inphi completed.
Key Takeaways
Marvell Technology reported first-quarter fiscal year 2022 financial results, which include the acquisition of Inphi. The company's revenue grew by 20% year-on-year, driven by strong demand across all key end markets.
Q1 Net Revenue: $832 million, grew by 20% year-on-year
Q1 Gross Margin: 50.2% GAAP gross margin; 64.3% non-GAAP gross margin
Q1 Diluted income (loss) per share: $(0.13) GAAP diluted loss per share; $0.29 non-GAAP diluted income per share
Cash and cash equivalents: $523 million
Forward Guidance
Marvell expects revenue of $1.065 billion +/- 3% for the second quarter of fiscal year 2022.
Positive Outlook
- Net revenue is expected to be $1.065 billion +/- 3%.
- Non-GAAP gross margin is expected to be approximately 64%.
- Basic weighted average shares outstanding are expected to be 822 million.
- Diluted weighted average shares outstanding are expected to be 835 million.
- Non-GAAP diluted income per share is expected to be $0.31 +/- $0.03 per share.
Challenges Ahead
- GAAP gross margin is expected to be 34.8% to 37.5%.
- GAAP operating expenses are expected to be $633 million to $643 million.
- Non-GAAP operating expenses are expected to be $370 million to $375 million.
- GAAP diluted loss per share is expected to be $(0.37) +/- $0.04 per share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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