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Jul 31, 2021
Marvell Q2 2022 Earnings Report
Reported record revenue and year-over-year growth driven by the data center market.
Key Takeaways
Marvell Technology reported record revenue of $1.076 billion for Q2 2022, exceeding guidance and growing 48% year-over-year. The data center market was the primary growth driver, representing 40% of total revenue.
Net revenue for Q2 2022 was $1.076 billion, a 48% increase year-over-year.
GAAP net loss for Q2 2022 was $(276) million, or $(0.34) per diluted share.
Non-GAAP net income for Q2 2022 was $284 million, or $0.34 per diluted share.
The company is changing its reporting to present revenue from five end markets: data center, carrier infrastructure, enterprise networking, consumer, and automotive/industrial.
Forward Guidance
Marvell expects revenue of $1.145 billion +/- 3% for the third quarter of fiscal 2022. GAAP gross margin is expected to be 46.3% to 48.3%, and non-GAAP gross margin is expected to be 64% to 65%.
Positive Outlook
- Net revenue is expected to be $1.145 billion +/- 3%.
- GAAP gross margin is expected to be 46.3% to 48.3%.
- Non-GAAP gross margin is expected to be 64% to 65%.
- Non-GAAP operating expenses are expected to be $365 million to $370 million.
- Non-GAAP diluted income per share is expected to be $0.38 +/- $0.03 per share.
Challenges Ahead
- GAAP operating expenses are expected to be $584 million to $594 million.
- Basic weighted average shares outstanding are expected to be 824 million.
- Diluted weighted average shares outstanding are expected to be 841 million.
- GAAP diluted loss per share is expected to be $(0.10) +/- $0.04 per share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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