Marvell Q2 2024 Earnings Report
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.
Marvell
Marvell
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.
- The results are subject to a number of risks and uncertainties.
- Changes in general macroeconomic conditions may affect the results.