On March 7, 2024, Marvell Technology, Inc. reported its financial results for the fourth quarter and fiscal year ended February 3, 2024. The company announced a net revenue of $1.427 billion for the fourth quarter, marking a 1% year-on-year growth and surpassing the mid-point of its previous guidance. However, Marvell experienced a GAAP net loss of $392.7 million, or $0.45 per diluted share, while non-GAAP net income was $401.6 million, or $0.46 per diluted share. For the entire fiscal year 2024, Marvell's net revenue totaled $5.508 billion, with a GAAP net loss of $933.4 million, or $1.08 per diluted share, and a non-GAAP net income of $1.310 billion, or $1.51 per diluted share. The company's data center end market revenue saw significant growth, driven by AI, with a 38% sequential...Show More

On March 7, 2024, Marvell Technology, Inc. reported its financial results for the fourth quarter and fiscal year ended February 3, 2024. The company announced a net revenue of $1.427 billion for the fourth quarter, marking a 1% year-on-year growth and surpassing the mid-point of its previous guidance. However, Marvell experienced a GAAP net loss of $392.7 million, or $0.45 per diluted share, while non-GAAP net income was $401.6 million, or $0.46 per diluted share. For the entire fiscal year 2024, Marvell's net revenue totaled $5.508 billion, with a GAAP net loss of $933.4 million, or $1.08 per diluted share, and a non-GAAP net income of $1.310 billion, or $1.51 per diluted share. The company's data center end market revenue saw significant growth, driven by AI, with a 38% sequential increase and a 54% rise year-over-year. Marvell's CEO, Matt Murphy, highlighted the company's strong position to capitalize on the growing AI technology sector. Looking ahead to the first quarter of fiscal 2025, Marvell expects net revenue of approximately $1.150 billion, with a GAAP gross margin between 44.5% and 47.2%, and non-GAAP gross margin between 62.0% and 63.0%. The company anticipates a GAAP diluted loss per share of around $0.23 and a non-GAAP diluted income per share of $0.23. Marvell will host a conference call to discuss these results and provide additional details on its performance and outlook.