Marvell Q1 2023 Earnings Report
Key Takeaways
Marvell Technology reported a strong start to fiscal year 2023, achieving record first-quarter revenue of $1.447 billion, a 74% year-over-year increase. The company's revenue exceeded the midpoint of its guidance, driven by higher-than-forecasted results from the datacenter end market. Marvell is guiding for continued growth in the second quarter.
Q1 net revenue was $1.447 billion, a 74% increase year-over-year.
GAAP gross margin was 51.9%, and non-GAAP gross margin was 65.5%.
GAAP diluted loss per share was $(0.20), while non-GAAP diluted income per share was $0.52.
Revenue exceeded the midpoint of guidance, driven by higher-than-forecasted results from the datacenter end market.
Marvell
Marvell
Forward Guidance
Marvell expects net revenue of $1.515 billion +/- 3%, GAAP gross margin between 49.6% and 51.9%, and non-GAAP gross margin between 65.0% and 65.5% for the second quarter of fiscal year 2023.
Positive Outlook
- Net revenue is expected to be $1.515 billion +/- 3%.
- GAAP gross margin is expected to be 49.6% to 51.9%.
- Non-GAAP gross margin is expected to be 65.0% to 65.5%.
- GAAP diluted income per share is expected to be $0.06 +/- $0.04 per share.
- Non-GAAP diluted income per share is expected to be $0.56 +/- $0.03 per share.
Challenges Ahead
- GAAP operating expenses are expected to be approximately $669 million.
- Non-GAAP operating expenses are expected to be approximately $435 million.
- Basic weighted average shares outstanding are expected to be 853 million.
- Diluted weighted average shares outstanding are expected to be 862 million.
- Unspecified risks and uncertainties could impact actual results.