Summary by Futu AI
Marvell Technology announced the successful execution of its fiscal year 2024, reporting a total revenue of $5.5 billion and a significant transformation to capitalize on growth opportunities in the semiconductor industry. The company's Data Center revenue grew substantially, accounting for more than half of Marvell's total revenue by the fourth quarter, driven by increased demand for AI-related data center products. AI-related revenue tripled, reaching over 10% of the company's total revenue. Automotive revenue also saw growth due to new business wins with automotive OEMs. Despite a global softening in demand for Carrier Infrastructure and a slowdown in IT spending impacting the Enterprise Networking business, Marvell expects demand for its products to resume. The company focused on controlling its...Show More