Marvell Q1 revenue $1.322B, beats guidance; Q2 outlook above consensus; AI revenue seen doubling in FY2024

Marvell Technology, Inc.

2024-Q1 EPS reported -$0.20 revenue$1,321,700,000

Q1 net revenue $1.322B, down 9% YoY but $22M above guidance midpoint; GAAP EPS $(0.20), non-GAAP EPS $0.31.
Non-GAAP gross margin 60.0%; cash flow from ops $208.4M.
Q2 revenue guidance $1.330B ±5%, non-GAAP EPS $0.32 ±$0.05; expects sequential revenue growth.
CEO says AI revenue in FY2024 expected to at least double from prior year, driven by network connectivity and cloud silicon.
GAAP gross margin 42.2% reflecting amortization; non-GAAP opex guidance $455M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Marvell Technology, Inc. reported first quarter of fiscal 2024 ended April 29, 2023 results: revenue $1.322 billion, net income $(168.9) million, EPS $(0.20) per diluted share. Guidance reaffirmed.

Period: first quarter of fiscal 2024 ended April 29, 2023
Revenue: $1.322 billion
Net income: $(168.9) million
EPS: $(0.20) per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the first quarter of fiscal year 2024. Net revenue for the first quarter of fiscal 2024 was $1.322 billion, $22 million above the midpoint of the Company’s guidance provided on March 2, 2023. GAAP net loss for the first quarter of fiscal 2024 was $(168.9) million, or $(0.20) per diluted share.

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Source: SEC EDGAR

accession 0001835632-23-000022

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