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Oct 28, 2023
Marvell Q3 2024 Earnings Report
Marvell's Q3 fiscal year 2024 financial results were reported, with revenue exceeding guidance midpoint, driven by data center growth offsetting softness in other markets.
Key Takeaways
Marvell Technology reported Q3 fiscal year 2024 net revenue of $1.419 billion, which is above the midpoint of their guidance. The revenue declined by 8% year-over-year, but grew 6% sequentially. The company's datacenter end market experienced over 20% sequential growth.
Q3 net revenue was $1.419 billion, a decrease of 8% year-over-year.
GAAP gross margin was 38.9%, while non-GAAP gross margin was 60.6%.
GAAP diluted loss per share was $(0.19), and non-GAAP diluted income per share was $0.41.
Datacenter revenue grew over 20% sequentially.
Revenue by Segment
Forward Guidance
Marvell expects net revenue to be $1.420 billion +/- 5% for the fourth quarter of fiscal year 2024.
Positive Outlook
- Net revenue is expected to be $1.420 billion +/- 5%.
- GAAP gross margin is expected to be 48.2% - 50.7%.
- Non-GAAP gross margin is expected to be 63.5% - 64.5%.
- Basic weighted average shares outstanding are expected to be 865 million.
- Non-GAAP diluted income per share is expected to be $0.46 +/- $0.05 per share.
Challenges Ahead
- GAAP operating expenses are expected to be approximately $680 million.
- Non-GAAP operating expenses are expected to be approximately $430 million.
- Diluted weighted average shares outstanding are expected to be 874 million.
- GAAP diluted loss per share is expected to be $(0.03) +/- $0.05 per share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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