Marvell Q2 revenue $1.34B, GAAP loss $0.24/sh; Q3 guidance above, AI demand strong

Marvell Technology, Inc.

2024-Q2 EPS reported -$0.44 revenue$2,662,600,000

Q2 net revenue $1.341B, down 12% YoY, $11M above guidance midpoint.
GAAP net loss $(207.5)M ($(0.24)/diluted share); non-GAAP net income $290.2M ($0.33).
Non-GAAP gross margin 60.3% vs GAAP 38.9%; cash from ops $112.5M.
Q3 outlook: revenue ~$1.4B (±5%), non-GAAP EPS $0.40 ±0.05 (sequential growth).
CEO says AI demand accelerating, raising FY AI revenue outlook above prior view.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Marvell Technology, Inc. reported the second quarter of fiscal year 2024 results: revenue $1.341 billion, net income $(207.5) million, EPS $(0.24) per diluted share. Guidance initiated.

Period: the second quarter of fiscal year 2024
Revenue: $1.341 billion
Net income: $(207.5) million
EPS: $(0.24) per diluted share
Guidance: initiated
Result: reported results

Exact text from the filing

Net revenue for the second quarter of fiscal 2024 was $1.341 billion, $11 million above the midpoint of the Company’s guidance provided on May 25, 2023. GAAP net loss for the second quarter of fiscal 2024 was $(207.5) million, or $(0.24) per diluted share.

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Source: SEC EDGAR

accession 0001835632-23-000036

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