Marvell Technology, a leading supplier of data infrastructure semiconductor solutions, reported a net revenue of $5.5 billion for fiscal 2024, a 7.0% decrease from the $5.9 billion in fiscal 2023. The decline was attributed to decreased sales across most end markets, with data center sales down by 8%, enterprise networking by 10%, consumer by 11%, and carrier infrastructure by 3%. However, sales in the automotive/industrial end market rose by 9%. The company faced challenges such as softening demand, inventory corrections, and low demand from OEM customers in China. Despite these challenges, Marvell Technology saw a strong increase in demand for optical products driven by AI applications. The company has entered into capacity reservation arrangements to secure long-term capacity. U.S. government export restrictions on certain Chinese customers are...Show More

Marvell Technology, a leading supplier of data infrastructure semiconductor solutions, reported a net revenue of $5.5 billion for fiscal 2024, a 7.0% decrease from the $5.9 billion in fiscal 2023. The decline was attributed to decreased sales across most end markets, with data center sales down by 8%, enterprise networking by 10%, consumer by 11%, and carrier infrastructure by 3%. However, sales in the automotive/industrial end market rose by 9%. The company faced challenges such as softening demand, inventory corrections, and low demand from OEM customers in China. Despite these challenges, Marvell Technology saw a strong increase in demand for optical products driven by AI applications. The company has entered into capacity reservation arrangements to secure long-term capacity. U.S. government export restrictions on certain Chinese customers are expected to continue affecting revenue. Marvell Technology initiated a restructuring plan in fiscal 2024, resulting in $131.1 million in charges. The company remains committed to delivering shareholder value through stock repurchase and dividend programs, having returned $356.8 million to shareholders in fiscal 2024 through stock repurchases and cash dividends. Looking ahead, Marvell Technology plans to continue its stock repurchase program, with an additional $3.0 billion authorized by the Board of Directors in March 2024. The company's cash and cash equivalents stood at $950.8 million as of February 3, 2024.