Marvell Q1 2025 Earnings Report
Key Takeaways
Marvell's Q1 2025 revenue was $1.161 billion, exceeding the midpoint of guidance, driven by strong AI demand. Data center revenue increased by 87% year-over-year. The company guides for an 8% sequential revenue increase for Q2 2025, fueled by custom AI silicon.
Q1 net revenue was $1.161 billion, a 12% year-over-year decline.
GAAP gross margin was 45.5%, while non-GAAP gross margin was 62.4%.
GAAP diluted loss per share was $(0.25), and non-GAAP diluted income per share was $0.24.
Data center revenue grew 87% year-over-year.
Marvell
Marvell
Forward Guidance
For the second quarter of fiscal 2025, net revenue is expected to be $1.250 billion +/- 5%. GAAP gross margin is expected to be approximately 46.2%. Non-GAAP gross margin is expected to be approximately 62.0%. GAAP diluted loss per share is expected to be $(0.20) +/- $0.05 per share. Non-GAAP diluted income per share is expected to be $0.29 +/- $0.05 per share.
Positive Outlook
- Net revenue is expected to be $1.250 billion +/- 5%.
- GAAP gross margin is expected to be approximately 46.2%.
- Non-GAAP gross margin is expected to be approximately 62.0%.
- Non-GAAP operating expenses are expected to be approximately $455 million.
- Non-GAAP diluted income per share is expected to be $0.29 +/- $0.05 per share.
Challenges Ahead
- GAAP operating expenses are expected to be approximately $688 million.
- Basic weighted-average shares outstanding are expected to be 867 million.
- Diluted weighted-average shares outstanding are expected to be 877 million.
- GAAP diluted loss per share is expected to be $(0.20) +/- $0.05 per share.