Marvell Q3 2023 Earnings Report
Key Takeaways
Marvell Technology, Inc. reported financial results for the third quarter of fiscal year 2023. Net revenue was $1.537 billion, a record for the company, representing a 27% year-over-year growth. GAAP net income was $13 million, or $0.02 per diluted share, while non-GAAP net income was $492 million, or $0.57 per diluted share.
Net revenue for Q3 2023 was $1.537 billion, a 27% increase year-over-year.
GAAP gross margin for Q3 was 50.6%, and non-GAAP gross margin was 64.0%.
GAAP diluted income per share for Q3 was $0.02, and non-GAAP diluted income per share was $0.57.
Cash flow from operations for Q3 was $411.0 million.
Marvell
Marvell
Forward Guidance
For the fourth quarter of fiscal year 2023, Marvell expects net revenue to be $1.400 billion +/- 5% and non-GAAP diluted income per share to be $0.46 +/- $0.05.
Positive Outlook
- Net revenue is expected to be $1.400 billion +/- 5%.
- GAAP gross margin is expected to be 49.2% +/- 1%.
- Non-GAAP gross margin is expected to be approximately 64.0%.
- Basic weighted average shares outstanding are expected to be 855 million.
- Diluted weighted average shares outstanding are expected to be 861 million.
Challenges Ahead
- GAAP operating expenses are expected to be approximately $646 million.
- Non-GAAP operating expenses are expected to be approximately $430 million.
- GAAP diluted income per share is expected to be $0.00 +/- $0.05 per share.
- Non-GAAP diluted income per share is expected to be $0.46 +/- $0.05 per share.
- Inventory reductions are impacting near-term results and guidance.