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Feb 03, 2024
Marvell Q4 2024 Earnings Report
Reported fourth quarter and fiscal year 2024 financial results, with revenue above the midpoint of guidance and strong growth in the data center end market driven by AI.
Key Takeaways
Marvell Technology, Inc. reported Q4 fiscal year 2024 results with revenue of $1.427 billion, a 1% year-over-year increase. The data center end market experienced significant growth, driven by AI, while other markets are expected to recover in the second half of the fiscal year. GAAP net loss was $(392.7) million, or $(0.45) per diluted share, while non-GAAP net income was $401.6 million, or $0.46 per diluted share.
Q4 net revenue was $1.427 billion, up 1% year-over-year.
GAAP gross margin for Q4 was 46.6%, and non-GAAP gross margin was 63.9%.
Q4 GAAP diluted loss per share was $(0.45), while non-GAAP diluted income per share was $0.46.
Data center revenue increased 38% sequentially and 54% year-over-year, driven by AI.
Revenue by Segment
Forward Guidance
For the first quarter of fiscal year 2025, Marvell expects net revenue to be $1.150 billion +/- 5%. GAAP gross margin is expected to be 44.5% - 47.2%, while non-GAAP gross margin is expected to be 62.0% - 63.0%. GAAP diluted loss per share is expected to be $(0.23) +/- $0.05, and non-GAAP diluted income per share is expected to be $0.23 +/- $0.05.
Positive Outlook
- Net revenue is expected to be $1.150 billion +/- 5%.
- GAAP gross margin is expected to be 44.5% - 47.2%.
- Non-GAAP gross margin is expected to be 62.0% - 63.0%.
- Non-GAAP operating expenses are expected to be approximately $455 million.
- Non-GAAP diluted income per share is expected to be $0.23 +/- $0.05 per share.
Challenges Ahead
- GAAP operating expenses are expected to be approximately $676 million.
- Basic weighted-average shares outstanding are expected to be 866 million.
- Diluted weighted-average shares outstanding are expected to be 875 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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