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Oct 30, 2021
Marvell Q3 2022 Earnings Report
Reported financial results for the third quarter of fiscal year 2022.
Key Takeaways
Marvell Technology reported record revenue of $1.211 billion for the fiscal third quarter, representing a 61% year-over-year growth. The company's performance was led by substantial revenue growth across all five end markets, with data center being the largest contributor, accounting for 41% of total revenue.
Q3 net revenue was $1.211 billion, a 61% increase year-over-year.
GAAP gross margin for Q3 was 48.5%, while non-GAAP gross margin was 65.1%.
GAAP diluted loss per share for Q3 was $(0.08), and non-GAAP diluted income per share was $0.43.
Data center revenue, the largest contributor, grew 15% sequentially and 109% year-over-year.
Marvell
Marvell
Marvell Revenue by Segment
Revenue by Segment
Consumer Revenue
CapyFin.com Forward Guidance
For the fourth quarter, the company anticipates sequential revenue growth of 9 percent at the midpoint of guidance. 5G revenue is projected to increase by 30 percent sequentially, and data center revenue is forecasted to continue to grow in the double digits on a percentage basis.
Positive Outlook
- Net revenue is expected to be $1.320 billion +/- 3%.
- Non-GAAP gross margin is expected to be approximately 65%.
- Basic weighted average shares outstanding are expected to be 844 million.
- Diluted weighted average shares outstanding are expected to be 861 million.
- Non-GAAP diluted income per share is expected to be $0.48 +/- $0.03 per share.
Challenges Ahead
- GAAP gross margin is expected to be 47.9% to 49.8%.
- GAAP operating expenses are expected to be $630 million to $640 million.
- Non-GAAP operating expenses are expected to be $390 million to $395 million.
- GAAP diluted loss per share is expected to be $(0.03) +/- $0.04 per share.
- Financial outlook includes expected results of Innovium for the full quarter.