Marvell Technology, Inc. Reports Fourth Quarter and Fiscal Year 2024 Financial Results
- None.
- None.
Insights
The reported net revenue of $1.427 billion for Q4, marking a modest year-on-year growth, indicates a stable demand for Marvell Technology's products despite a challenging economic climate. However, the GAAP net loss of $(392.7) million reflects significant expenses that impacted the company's profitability. Investors should note the substantial difference between GAAP and non-GAAP measures, with a non-GAAP net income of $401.6 million. This discrepancy is largely due to the exclusion of stock-based compensation, amortization and other non-recurring costs in the non-GAAP figures.
From an investment perspective, the anticipated recovery in the second half of the fiscal year is a positive signal, suggesting that the management is confident about overcoming current market challenges. However, the forecasted soft demand in various end markets for the near term could be a concern for short-term investors. The company's focus on AI and data centers is strategically significant as these are high-growth areas that can potentially drive long-term revenue.
Marvell's emphasis on AI-driven growth in data center revenue, which saw a significant increase both sequentially and year-over-year, positions the company at the forefront of a major technological shift. The 38% sequential and 54% year-over-year increase in data center end market revenue is particularly noteworthy, as it highlights the company's successful penetration into a rapidly expanding market segment.
Furthermore, the expectation of initial shipments of cloud-optimized silicon programs for AI complements the company's existing electro-optics franchise and indicates an expansion of its product portfolio tailored to emerging tech trends. Investors should be aware of the potential for Marvell's products to become integral components in the infrastructure that supports the growing demand for AI applications, which could lead to sustained growth beyond the current fiscal year.
It is important for stakeholders to understand the implications of the non-GAAP financial measures used by Marvell. These measures are intended to provide a clearer picture of the company's operational performance by excluding certain expenses deemed non-recurring or not directly related to core business operations. However, investors should approach non-GAAP measures with caution as they do not reflect all operational costs. The reconciliation of GAAP to non-GAAP measures and the rationale behind the adjustments, should be carefully reviewed to fully grasp the company's financial health.
Additionally, the non-GAAP tax rate of 6.0% applied to the financial results is a significant adjustment that can impact the perceived profitability of the company. Investors should consider how such tax treatments and the potential for changes in tax laws or business structure could affect future financial reporting.
- Q4 Net Revenue:
$1.42 7 billion1% year-on-year - Q4 Gross Margin:
46.6% GAAP gross margin;63.9% non-GAAP gross margin - Q4 Diluted income (loss) per share:
$(0.45) $0.46
Net revenue for the fourth quarter of fiscal 2024 was
Net revenue for fiscal 2024 was
"Marvell delivered fourth quarter fiscal 2024 revenue of
First Quarter of Fiscal 2025 Financial Outlook
- Net revenue is expected to be
$1.15 0 billion5% . - GAAP gross margin is expected to be
44.5% -47.2% . - Non-GAAP gross margin is expected to be
62.0% -63.0% . - GAAP operating expenses are expected to be approximately
$676 million - Non-GAAP operating expenses are expected to be approximately
$455 million - Basic weighted-average shares outstanding are expected to be 866 million.
- Diluted weighted-average shares outstanding are expected to be 875 million.
- GAAP diluted loss per share is expected to be
$(0.23) $0.05 - Non-GAAP diluted income per share is expected to be
$0.23 $0.05
GAAP diluted EPS is calculated using basic weighted-average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted-average shares outstanding when there is a GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted-average shares outstanding.
Conference Call
Marvell will conduct a conference call on Thursday, March 7, 2024 at 1:30 p.m. Pacific Time to discuss results for the fourth quarter and fiscal year 2024. Interested parties may join the conference call by dialing 1-888-317-6003 or 1-412-317-6061, passcode 0056377. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/. A replay of the call can be accessed by dialing 1-877-344-7529 or 1-412-317-0088, passcode 3453492 until Thursday, March 14, 2024.
Discussion of Non-GAAP Financial Measures
Non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of the inventory fair value adjustment associated with acquisitions, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, employee severance costs, and facilities related charges), resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core business. Although Marvell excludes the amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and that such amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of intangible assets contributed to Marvell's revenues earned during the periods presented and are expected to contribute to Marvell's future period revenues as well.
Marvell uses a non-GAAP tax rate to compute the non-GAAP tax provision. This non-GAAP tax rate is based on Marvell's estimated annual GAAP income tax forecast, adjusted to account for items excluded from Marvell's non-GAAP income, as well as the effects of significant non-recurring and period specific tax items which vary in size and frequency, and excludes tax deductions and benefits from acquired tax loss and credit carryforwards and changes in valuation allowance on acquired deferred tax assets. Marvell's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate such as tax law changes; acquisitions; significant changes in Marvell's geographic mix of revenue and expenses; or changes to Marvell's corporate structure. For the fourth quarter of fiscal 2024, a non-GAAP tax rate of
Marvell believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Marvell's financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance.
Externally, management believes that investors may find Marvell's non-GAAP financial measures useful in their assessment of Marvell's operating performance and the valuation of Marvell. Internally, Marvell's non-GAAP financial measures are used in the following areas:
- Management's evaluation of Marvell's operating performance;
- Management's establishment of internal operating budgets;
- Management's performance comparisons with internal forecasts and targeted business models; and
- Management's determination of the achievement and measurement of certain performance-based equity awards (adjustments may vary from award to award).
Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell's results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent.
Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "forecasts," "targets," "may," "can," "will," "would" and similar expressions identify such forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, the statements describing our financial outlook and future period revenues. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: risks related to changes in general macroeconomic conditions, or expectations of such conditions, such as rising interest rates, macroeconomic slowdowns, recessions, inflation, and stagflation; risks related to our ability to estimate customer demand and future sales accurately; our ability to define, design, develop and market products for the Cloud and 5G markets, as well as for Artificial Intelligence (AI) solutions; risks related to higher inventory levels; risks related to cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; the risk of downturns in the semiconductor industry or our customer end markets; the impact of international conflict (such as the current armed conflicts in the
About Marvell
To deliver the data infrastructure technology that connects the world, we're building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world's leading technology companies for over 25 years, we move, store, process and secure the world's data with semiconductor solutions designed for our customers' current needs and future ambitions. Through a process of deep collaboration and transparency, we're ultimately changing the way tomorrow's enterprise, cloud, automotive, and carrier architectures transform—for the better.
Marvell® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.
Marvell Technology, Inc. | ||||||||||
Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||
(In millions, except per share amounts) | ||||||||||
Three Months Ended | Year Ended | |||||||||
February 3, | October 28, | January 28, | February 3, | January 28, | ||||||
Net revenue | $ 1,426.5 | $ 1,418.6 | $ 1,418.5 | $ 5,507.7 | $ 5,919.6 | |||||
Cost of goods sold | 762.4 | 867.4 | 745.2 | 3,214.1 | 2,932.1 | |||||
Gross profit | 664.1 | 551.2 | 673.3 | 2,293.6 | 2,987.5 | |||||
Operating expenses: | ||||||||||
Research and development | 459.6 | 481.1 | 443.1 | 1,896.2 | 1,784.3 | |||||
Selling, general and administrative | 212.0 | 213.0 | 203.4 | 834.0 | 843.6 | |||||
Legal settlement (a) | — | — | — | — | 100.0 | |||||
Restructuring related charges | 25.8 | 3.4 | 3.5 | 131.1 | 21.6 | |||||
Total operating expenses | 697.4 | 697.5 | 650.0 | 2,861.3 | 2,749.5 | |||||
Operating income (loss) | (33.3) | (146.3) | 23.3 | (567.7) | 238.0 | |||||
Interest income | 3.0 | 1.7 | 2.5 | 8.8 | 5.3 | |||||
Interest expense | (52.6) | (52.6) | (49.3) | (211.7) | (170.6) | |||||
Other income, net | (4.4) | 9.7 | 0.3 | 11.9 | 12.4 | |||||
Interest and other loss, net | (54.0) | (41.2) | (46.5) | (191.0) | (152.9) | |||||
Income (loss) before income taxes | (87.3) | (187.5) | (23.2) | (758.7) | 85.1 | |||||
Provision (benefit) for income taxes | 305.4 | (23.2) | (7.8) | 174.7 | 248.6 | |||||
Net loss | $ (392.7) | $ (164.3) | $ (15.4) | $ (933.4) | $ (163.5) | |||||
Net loss per share - basic | $ (0.45) | $ (0.19) | $ (0.02) | $ (1.08) | $ (0.19) | |||||
Net loss per share - diluted | $ (0.45) | $ (0.19) | $ (0.02) | $ (1.08) | $ (0.19) | |||||
Weighted-average shares: | ||||||||||
Basic | 864.7 | 862.6 | 854.1 | 861.3 | 851.4 | |||||
Diluted | 864.7 | 862.6 | 854.1 | 861.3 | 851.4 | |||||
(a) | Relates to settlement of a contractual dispute. |
Marvell Technology, Inc. | ||||
Condensed Consolidated Balance Sheets (Unaudited) | ||||
(In millions) | ||||
February 3, | January 28, | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ 950.8 | $ 911.0 | ||
Accounts receivable, net | 1,121.6 | 1,192.2 | ||
Inventories | 864.4 | 1,068.3 | ||
Prepaid expenses and other current assets | 125.9 | 109.6 | ||
Total current assets | 3,062.7 | 3,281.1 | ||
Property and equipment, net | 756.0 | 577.4 | ||
Goodwill | 11,586.9 | 11,586.9 | ||
Acquired intangible assets, net | 4,004.1 | 5,102.0 | ||
Deferred tax assets | 311.9 | 465.9 | ||
Other non-current assets | 1,506.9 | 1,508.8 | ||
Total assets | $ 21,228.5 | $ 22,522.1 | ||
Liabilities and Stockholders' Equity | ||||
Current liabilities: | ||||
Accounts payable | $ 411.3 | $ 465.8 | ||
Accrued liabilities | 1,032.9 | 1,092.0 | ||
Accrued employee compensation | 262.7 | 244.5 | ||
Short-term debt | 107.3 | 584.4 | ||
Total current liabilities | 1,814.2 | 2,386.7 | ||
Long-term debt | 4,058.6 | 3,907.7 | ||
Other non-current liabilities | 524.3 | 590.5 | ||
Total liabilities | 6,397.1 | 6,884.9 | ||
Stockholders' equity: | ||||
Common stock | 1.7 | 1.7 | ||
Additional paid-in capital | 14,845.3 | 14,512.0 | ||
Accumulated other comprehensive income | 1.1 | — | ||
Retained earnings (Accumulated deficit) | (16.7) | 1,123.5 | ||
Total stockholders' equity | 14,831.4 | 15,637.2 | ||
Total liabilities and stockholders' equity | $ 21,228.5 | $ 22,522.1 | ||
Marvell Technology, Inc. | ||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||
(In millions) | ||||||||
Three Months Ended | Year Ended | |||||||
February 3, | January 28, | February 3, | January 28, | |||||
Cash flows from operating activities: | ||||||||
Net loss | $ (392.7) | $ (15.4) | $ (933.4) | $ (163.5) | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 73.8 | 77.9 | 299.8 | 304.9 | ||||
Stock-based compensation | 155.3 | 130.7 | 609.8 | 552.4 | ||||
Amortization of acquired intangible assets | 286.3 | 273.2 | 1,097.9 | 1,087.4 | ||||
Amortization of inventory fair value adjustment associated with | — | 12.7 | — | 38.7 | ||||
Amortization of deferred debt issuance costs and debt discounts | 2.1 | 2.6 | 10.7 | 10.3 | ||||
Restructuring related impairment charges | 0.7 | 0.7 | 32.9 | 5.6 | ||||
Deferred income taxes | 434.5 | (3.2) | 150.8 | 50.4 | ||||
Other expense, net | 12.9 | 6.5 | 44.2 | 52.4 | ||||
Changes in assets and liabilities, net of acquisitions: | ||||||||
Accounts receivable | 93.0 | 198.8 | 70.6 | (142.7) | ||||
Prepaid expenses and other assets | (107.5) | (98.0) | (93.1) | (480.4) | ||||
Inventories | 78.8 | (122.5) | 201.9 | (385.9) | ||||
Accounts payable | (61.6) | (53.9) | (149.1) | (87.8) | ||||
Accrued employee compensation | 17.6 | (3.8) | 18.3 | 2.5 | ||||
Accrued liabilities and other non-current liabilities | (46.6) | (54.8) | 9.2 | 444.5 | ||||
Net cash provided by operating activities | 546.6 | 351.5 | 1,370.5 | 1,288.8 | ||||
Cash flows from investing activities: | ||||||||
Purchases of technology licenses | (10.6) | (2.0) | (13.9) | (11.1) | ||||
Purchases of property and equipment | (71.0) | (54.0) | (336.3) | (206.2) | ||||
Acquisitions, net of cash acquired | — | (9.3) | — | (112.3) | ||||
Other, net | (0.1) | 1.1 | (0.3) | 1.2 | ||||
Net cash used in investing activities | (81.7) | (64.2) | (350.5) | (328.4) | ||||
Cash flows from financing activities: | ||||||||
Repurchases of common stock | (100.0) | — | (150.0) | (115.0) | ||||
Proceeds from employee stock plans | 38.1 | 38.8 | 99.2 | 91.3 | ||||
Tax withholding paid on behalf of employees for net share settlement | (55.0) | (26.4) | (223.7) | (227.6) | ||||
Dividend payments to stockholders | (51.9) | (51.3) | (206.8) | (204.4) | ||||
Payments on technology license obligations | (40.1) | (38.9) | (150.3) | (142.5) | ||||
Proceeds from borrowings | — | — | 1,295.3 | 200.0 | ||||
Principal payments of debt | (21.9) | (21.8) | (1,622.5) | (265.6) | ||||
Other, net | (8.9) | (0.1) | (21.4) | 0.9 | ||||
Net cash used in financing activities | (239.7) | (99.7) | (980.2) | (662.9) | ||||
Net increase in cash and cash equivalents | 225.2 | 187.6 | 39.8 | 297.5 | ||||
Cash and cash equivalents at beginning of period | 725.6 | 723.4 | 911.0 | 613.5 | ||||
Cash and cash equivalents at end of period | $ 950.8 | $ 911.0 | $ 950.8 | $ 911.0 | ||||
Marvell Technology, Inc. | ||||||||||
Reconciliations from GAAP to Non-GAAP (Unaudited) | ||||||||||
(In millions, except per share amounts) | ||||||||||
Three Months Ended | Year Ended | |||||||||
February 3, | October 28, | January 28, | February 3, | January 28, | ||||||
GAAP gross profit | $ 664.1 | $ 551.2 | $ 673.3 | $ 2,293.6 | $ 2,987.5 | |||||
Special items: | ||||||||||
Stock-based compensation | 10.4 | 15.7 | 9.5 | 49.1 | 43.3 | |||||
Amortization of acquired intangible assets | 194.3 | 184.3 | 185.4 | 748.1 | 725.6 | |||||
Other cost of goods sold (a) | 42.3 | 108.0 | 32.4 | 280.1 | 61.0 | |||||
Total special items | 247.0 | 308.0 | 227.3 | 1,077.3 | 829.9 | |||||
Non-GAAP gross profit | $ 911.1 | $ 859.2 | $ 900.6 | $ 3,370.9 | $ 3,817.4 | |||||
GAAP gross margin | 46.6 % | 38.9 % | 47.5 % | 41.6 % | 50.5 % | |||||
Non-GAAP gross margin | 63.9 % | 60.6 % | 63.5 % | 61.2 % | 64.5 % | |||||
Total GAAP operating expenses | $ 697.4 | $ 697.5 | $ 650.0 | $ 2,861.3 | $ 2,749.5 | |||||
Special items: | ||||||||||
Stock-based compensation | (144.9) | (142.8) | (121.2) | (560.7) | (509.1) | |||||
Restructuring related charges (b) | (25.8) | (3.4) | (3.5) | (131.1) | (21.6) | |||||
Amortization of acquired intangible assets | (92.0) | (85.5) | (87.8) | (349.8) | (361.8) | |||||
Legal settlement (c) | — | — | — | — | (100.0) | |||||
Other (d) | (6.2) | (28.7) | (6.8) | (47.5) | (39.0) | |||||
Total special items | (268.9) | (260.4) | (219.3) | (1,089.1) | (1,031.5) | |||||
Total non-GAAP operating expenses | $ 428.5 | $ 437.1 | $ 430.7 | $ 1,772.2 | $ 1,718.0 | |||||
GAAP operating margin | (2.3) % | (10.3) % | 1.6 % | (10.3) % | 4.0 % | |||||
Other cost of goods sold (a) | 3.0 % | 7.6 % | 2.3 % | 5.1 % | 1.0 % | |||||
Stock-based compensation | 10.9 % | 11.2 % | 9.2 % | 11.1 % | 9.3 % | |||||
Restructuring related charges (b) | 1.8 % | 0.2 % | 0.2 % | 2.4 % | 0.4 % | |||||
Amortization of acquired intangible assets | 20.1 % | 19.0 % | 19.3 % | 19.9 % | 18.4 % | |||||
Legal settlement (c) | — % | — % | — % | — % | 1.7 % | |||||
Other (d) | 0.3 % | 2.1 % | 0.5 % | 0.8 % | 0.7 % | |||||
Non-GAAP operating margin | 33.8 % | 29.8 % | 33.1 % | 29.0 % | 35.5 % | |||||
GAAP interest and other loss, net | $ (54.0) | $ (41.2) | $ (46.5) | $ (191.0) | $ (152.9) | |||||
Special items: | ||||||||||
Other (d) | (1.3) | (4.2) | (1.8) | (13.9) | (8.0) | |||||
Total special items | (1.3) | (4.2) | (1.8) | (13.9) | (8.0) | |||||
Total non-GAAP interest and other loss, net | $ (55.3) | $ (45.4) | $ (48.3) | $ (204.9) | $ (160.9) | |||||
GAAP net loss | $ (392.7) | $ (164.3) | $ (15.4) | $ (933.4) | $ (163.5) | |||||
Special items: | ||||||||||
Other cost of goods sold (a) | 42.3 | 108.0 | 32.4 | 280.1 | 61.0 | |||||
Stock-based compensation | 155.3 | 158.5 | 130.7 | 609.8 | 552.4 | |||||
Restructuring related charges (b) | 25.8 | 3.4 | 3.5 | 131.1 | 21.6 | |||||
Amortization of acquired intangible assets | 286.3 | 269.8 | 273.2 | 1,097.9 | 1,087.4 | |||||
Legal settlement (c) | — | — | — | — | 100.0 | |||||
Other (d) | 4.9 | 24.5 | 5.0 | 33.6 | 31.0 | |||||
Pre-tax total special items | 514.6 | 564.2 | 444.8 | 2,152.5 | 1,853.4 | |||||
Other income tax effects and adjustments (e) | 279.7 | (45.8) | (33.1) | 91.0 | 132.3 | |||||
Non-GAAP net income | $ 401.6 | $ 354.1 | $ 396.3 | $ 1,310.1 | $ 1,822.2 | |||||
GAAP weighted-average shares — basic | 864.7 | 862.6 | 854.1 | 861.3 | 851.4 | |||||
GAAP weighted-average shares — diluted | 864.7 | 862.6 | 854.1 | 861.3 | 851.4 | |||||
Non-GAAP weighted-average shares — diluted (f) | 873.9 | 872.2 | 859.0 | 869.3 | 859.2 | |||||
GAAP diluted net loss per share | $ (0.45) | $ (0.19) | $ (0.02) | $ (1.08) | $ (0.19) | |||||
Non-GAAP diluted net income per share | $ 0.46 | $ 0.41 | $ 0.46 | $ 1.51 | $ 2.12 | |||||
(a) | Other cost of goods sold includes charges for product claim related matters that were fully resolved in the fourth quarter of fiscal 2024, acquisition integration related inventory costs, and amortization of acquired inventory fair value adjustments. |
(b) | Restructuring and other related items include employee severance costs, asset impairment charges, facilities related charges, and other. |
(c) | Relates to settlement of a contractual dispute. |
(d) | Other costs included in operating expenses and other income, net include charges for an intellectual property matter, net gains on investments, and acquisition related costs. |
(e) | Other income tax effects and adjustments relate to the tax provision based on a non-GAAP income tax rate of |
(f) | Non-GAAP diluted weighted-average shares differs from GAAP diluted weighted-average shares due to the non-GAAP net income reported. |
Marvell Technology, Inc. | |
Outlook for the First Quarter of Fiscal Year 2025 | |
Reconciliations from GAAP to Non-GAAP (Unaudited) | |
(In millions, except per share amounts) | |
Outlook for Three Months Ended May 4, 2024 | |
GAAP net revenue | |
Special items: | — |
Non-GAAP net revenue | |
GAAP gross margin | |
Special items: | |
Stock-based compensation | 0.8 % |
Amortization of acquired intangible assets | 15.8 % |
Non-GAAP gross margin | |
Total GAAP operating expenses | ~ |
Special items: | |
Stock-based compensation | 135 |
Amortization of acquired intangible assets | 84 |
Restructuring related charges | 2 |
Total non-GAAP operating expenses | ~ |
GAAP diluted net loss per share | |
Special items: | |
Stock-based compensation | 0.17 |
Amortization of acquired intangible assets | 0.31 |
Other income tax effects and adjustments | (0.02) |
Non-GAAP diluted net income per share | |
Quarterly Revenue Trend (Unaudited)
Our product solutions serve five large end markets where our technology is essential: (i) data center, (ii) enterprise networking, (iii) carrier infrastructure, (iv) consumer, and (v) automotive/industrial. These markets and their corresponding customer products and applications are noted in the table below:
End market | Customer products and applications |
Data center | • Cloud and on-premise Artificial intelligence (AI) systems • Cloud and on-premise ethernet switching • Cloud and on-premise network-attached storage (NAS) • Cloud and on-premise AI servers • Cloud and on-premise general-purpose servers • Cloud and on-premise storage area networks • Cloud and on-premise storage systems • Data center interconnect (DCI) |
Enterprise networking | • Campus and small medium enterprise routers • Campus and small medium enterprise ethernet switches • Campus and small medium enterprise wireless access points (WAPs) • Network appliances (firewalls, and load balancers) • Workstations |
Carrier infrastructure | • Broadband access systems • Ethernet switches • Optical transport systems • Routers • Wireless radio access network (RAN) systems |
Consumer | • Broadband gateways and routers • Gaming consoles • Home data storage • Home wireless access points (WAPs) • Personal Computers (PCs) • Printers • Set-top boxes |
Automotive/industrial | • Advanced driver-assistance systems (ADAS) • Autonomous vehicles (AV) • In-vehicle networking • Industrial ethernet switches • • Video surveillance |
Quarterly Revenue Trend (Unaudited) (Continued) | |||||||||
Three Months Ended | % Change | ||||||||
Revenue by End Market (In millions) | February 3, | October 28, | January 28, | YoY | QoQ | ||||
Data center | $ 765.3 | $ 555.8 | $ 497.6 | 54 % | 38 % | ||||
Enterprise networking | 265.0 | 271.1 | 366.3 | (28) % | (2) % | ||||
Carrier infrastructure | 170.0 | 316.5 | 275.4 | (38) % | (46) % | ||||
Consumer | 143.9 | 168.7 | 179.8 | (20) % | (15) % | ||||
Automotive/industrial | 82.3 | 106.5 | 99.4 | (17) % | (23) % | ||||
Total Net Revenue | $ 1,426.5 | $ 1,418.6 | $ 1,418.5 | 1 % | 1 % | ||||
Three Months Ended | |||||||||
Revenue by End Market % of | February 3, | October 28, | January 28, | ||||||
Data center | 54 % | 39 % | 35 % | ||||||
Enterprise networking | 19 % | 19 % | 26 % | ||||||
Carrier infrastructure | 12 % | 22 % | 19 % | ||||||
Consumer | 10 % | 12 % | 13 % | ||||||
Automotive/industrial | 5 % | 8 % | 7 % | ||||||
Total Net Revenue | 100 % | 100 % | 100 % | ||||||
For further information, contact:
Ashish Saran
Senior Vice President, Investor Relations
408-222-0777
ir@marvell.com
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SOURCE Marvell
FAQ
What was Marvell Technology's Q4 net revenue and how did it perform compared to the previous year?
What were Marvell Technology's GAAP and non-GAAP net income figures for Q4?
What was Marvell Technology's net revenue for fiscal 2024 and how did it fare?
What are Marvell Technology's expectations for Q1 fiscal 2025 in terms of revenue growth?
