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Jul 29, 2023
Marvell Q2 2024 Earnings Report
Marvell's Q2 fiscal year 2024 revenue was above the midpoint of guidance, driven by AI and cloud infrastructure demand.
Key Takeaways
Marvell Technology reported Q2 fiscal year 2024 financial results with a net revenue of $1.341 billion, which is above the midpoint of the company's guidance. The company's growth is being driven primarily by AI and cloud infrastructure.
Q2 net revenue was $1.341 billion, a 12% year-on-year decline.
GAAP gross margin was 38.9%, while non-GAAP gross margin was 60.3%.
GAAP diluted loss per share was $(0.24), and non-GAAP diluted income per share was $0.33.
The company is forecasting sequential revenue growth to accelerate in the third quarter, driven primarily by AI and cloud infrastructure.
Revenue by Segment
Forward Guidance
Marvell expects net revenue of $1.400 billion +/- 5% for the third quarter of fiscal year 2024. GAAP diluted loss per share is expected to be $(0.07) +/- $0.05, while non-GAAP diluted income per share is expected to be $0.40 +/- $0.05.
Positive Outlook
- Net revenue is expected to be $1.400 billion +/- 5%.
- GAAP gross margin is expected to be 45.6% - 48.0%.
- Non-GAAP gross margin is expected to be 60.3% - 61.3%.
- Basic weighted average shares outstanding are expected to be 863 million.
- Diluted weighted average shares outstanding are expected to be 869 million.
Challenges Ahead
- GAAP operating expenses are expected to be $666 million - $671 million.
- Non-GAAP operating expenses are expected to be $435 million - $440 million.
- GAAP diluted loss per share is expected to be $(0.07) +/- $0.05 per share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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