Summary by Futu AI
Marvell Technology has completed its fiscal 2024 performance review, reporting a total revenue of $5.5 billion, marking a 7% decrease from the previous year. The company's data center business saw an 8% decline, while automotive revenue grew by 9%. Carrier infrastructure market demand dropped by 3%, enterprise networking revenue fell by 10%, and consumer end market revenue decreased by 11%. Operating expenses rose to $2.9 billion, with research and development costs up by 6.3%. Marvell Technology reported a net loss of $933.4 million and total borrowings of $4.2 billion, although it repaid $1.6 billion in debt principal. The company paid $206.8 million in cash dividends and repurchased 2.5 million shares for $150 million. A restructuring plan resulted in charges of $131.1 million, and a tax provision of $174.7 million was recorded. Cash and cash equivalents were reported...Show More