On May 30, 2024, Marvell Technology, Inc. reported its financial results for the first quarter of fiscal year 2025, which ended on May 4, 2024. The company announced a net revenue of $1.161 billion, which was $11.0 million above their guidance provided on March 7, 2024. Despite the revenue exceeding expectations, Marvell experienced a GAAP net loss of $(215.6) million, or $(0.25) per diluted share. However, on a non-GAAP basis, the net income was $206.7 million, or $0.24 per diluted share. The company's data center revenue grew by 87% year-over-year, attributed to stronger than forecasted demand from AI, including a ramp in custom AI programs. Marvell's CEO, Matt Murphy, expressed optimism for the second quarter of fiscal 2025, projecting an 8% sequential increase in revenue, driven by custom AI silicon and...Show More

On May 30, 2024, Marvell Technology, Inc. reported its financial results for the first quarter of fiscal year 2025, which ended on May 4, 2024. The company announced a net revenue of $1.161 billion, which was $11.0 million above their guidance provided on March 7, 2024. Despite the revenue exceeding expectations, Marvell experienced a GAAP net loss of $(215.6) million, or $(0.25) per diluted share. However, on a non-GAAP basis, the net income was $206.7 million, or $0.24 per diluted share. The company's data center revenue grew by 87% year-over-year, attributed to stronger than forecasted demand from AI, including a ramp in custom AI programs. Marvell's CEO, Matt Murphy, expressed optimism for the second quarter of fiscal 2025, projecting an 8% sequential increase in revenue, driven by custom AI silicon and anticipated growth in data center, enterprise networking, and carrier infrastructure. The company also provided a financial outlook for the second quarter, expecting net revenue of $1.250 billion +/- 5%, a GAAP gross margin of approximately 46.2%, and non-GAAP gross margin of approximately 62.0%. The conference call to discuss these results was held on May 30, 2024, and a replay is available until June 6, 2024.