Marvell Technology, Inc. Reports Second Quarter of Fiscal Year 2025 Financial Results

 

 Marvell Technology, Inc.

 Outlook for the Third Quarter of Fiscal Year 2025

Reconciliations from GAAP to Non-GAAP (Unaudited)

 (In millions, except per share amounts)






Outlook for Three Months Ended

November 2, 2024

GAAP net revenue

$1,450 +/- 5%

Special items:

Non-GAAP net revenue

$1,450 +/- 5%



GAAP gross margin

~ 47.2%

Special items:


Stock-based compensation

0.7 %

Amortization of acquired intangible assets

13.1 %

Non-GAAP gross margin

~ 61%



Total GAAP operating expenses

~ $693

Special items:


Stock-based compensation

144

Amortization of acquired intangible assets

84

Total non-GAAP operating expenses

~ $465





GAAP diluted loss per share

 $(0.09) +/- $0.05

Special items:


Stock-based compensation

0.18

Amortization of acquired intangible assets

0.31

Non-GAAP diluted net income per share

$0.40 +/- $0.05

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

•          United States military and government solutions

•          Video surveillance

 

Quarterly Revenue Trend (Unaudited) (Continued) 



Three Months Ended


% Change

Revenue by End Market

(In millions)

August 3,
2024


May 4,
2024


July 29,
2023


YoY


QoQ

Data center

$                             880.9


$                             816.4


$                             459.8


92 %


8 %

Enterprise networking

151.0


153.1


327.7


(54) %


(1) %

Carrier infrastructure

75.9


71.8


275.5


(72) %


6 %

Consumer

88.9


42.0


167.7


(47) %


112 %

Automotive/industrial

76.2


77.6


110.2


(31) %


(2) %

Total Net Revenue

$                          1,272.9


$                          1,160.9


$                          1,340.9


(5) %


10 %


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