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Apr 29, 2023
Marvell Q1 2024 Earnings Report
Reported first quarter fiscal year 2024 financial results, with revenue above the midpoint of guidance and forecasting sequential revenue growth in the second quarter.
Key Takeaways
Marvell Technology reported Q1 fiscal year 2024 revenue of $1.322 billion, exceeding the midpoint of guidance. The company anticipates revenue growth to accelerate in the second half of the fiscal year, along with gross and operating margin expansion. AI is highlighted as a key growth driver, with AI revenue expected to at least double in fiscal 2024.
Q1 net revenue was $1.322 billion, a 9% year-over-year decline.
GAAP gross margin was 42.2%, and non-GAAP gross margin was 60.0%.
GAAP diluted loss per share was $(0.20), while non-GAAP diluted income per share was $0.31.
The company is forecasting sequential revenue growth in the second quarter and expects revenue growth to accelerate in the second half of the fiscal year.
Revenue by Segment
Forward Guidance
Marvell expects net revenue of $1.33 billion +/- 5% for the second quarter of fiscal year 2024. GAAP diluted loss per share is expected to be $(0.16) +/- $0.05, while non-GAAP diluted income per share is expected to be $0.32 +/- $0.05.
Positive Outlook
- Net revenue is expected to be $1.330 billion +/- 5%.
- Non-GAAP gross margin is expected to be approximately 60.0% - 61.0%.
- Basic weighted average shares outstanding are expected to be 861 million.
- Diluted weighted average shares outstanding are expected to be 865 million.
- Non-GAAP diluted income per share is expected to be $0.32 +/- $0.05 per share.
Challenges Ahead
- GAAP gross margin is expected to be 44.3% - 46.8%.
- GAAP operating expenses are expected to be approximately $694 million.
- Non-GAAP operating expenses are expected to be approximately $455 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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