Marvell Reports Second Quarter of Fiscal Year 2023 Financial Results
- Q2 Net Revenue: $1.517 billion, grew by 41% year-on-year
- Q2 Gross Margin: 51.8% GAAP gross margin; 65.0% non-GAAP gross margin
- Q2 Diluted income per share: $0.01 GAAP diluted income per share; $0.57 non-GAAP diluted income per share
SANTA CLARA, Calif., Aug. 26, 2022 — Marvell Technology, Inc. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, has reported financial results for the second quarter of fiscal year 2023.
Net revenue for the second quarter of fiscal 2023 was $1.517 billion, consistent with the midpoint of the Company’s guidance provided on May 26, 2022. GAAP net income for the second quarter of fiscal 2023 was $4 million, or $0.01 per diluted share. Non-GAAP net income for the second quarter of fiscal 2023 was $486 million, or $0.57 per diluted share. Cash flow from operations for the second quarter was $331.5 million.
“In the second quarter of fiscal 2023, we delivered record revenue of $1.52 billion, which grew 41 percent year over year and 5 percent sequentially. This was the 9th straight quarter of sequential revenue growth, and we are guiding for growth to continue in the third quarter, as we expand our leadership in data infrastructure,” said Matt Murphy, Marvell’s President and CEO. “Looking ahead, we expect sequential revenue growth to accelerate in the fourth quarter as supply constraints begin to ease. We believe we are well positioned to continue to benefit from our favorable end market exposure tied to strong secular growth trends and significant expected upcoming revenue contributions from a number of Marvell-specific product ramps.”
Third Quarter of Fiscal 2023 Financial Outlook
- Net revenue is expected to be $1.560 billion +/- 3%.
- GAAP gross margin is expected to be 51.1% +/- 1.1%.
- Non-GAAP gross margin is expected to be 65.0% +/- 0.25%.
- GAAP operating expenses are expected to be $667 million to $677 million.
- Non-GAAP operating expenses are expected to be $435 million to $440 million.
- Basic weighted average shares outstanding are expected to be 854 million.
- Diluted weighted average shares outstanding are expected to be 862 million.
- GAAP diluted income per share is expected to be $0.09 +/- $0.04 per share.
- Non-GAAP diluted income per share is expected to be $0.59 +/- $0.03 per share.
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.
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.