Marvell Technology has completed its fiscal 2024 performance review, reporting a total revenue of $5.5 billion, marking a 7% decrease from the previous year. The company's data center business saw an 8% decline, while automotive revenue grew by 9%. Carrier infrastructure market demand dropped by 3%, enterprise networking revenue fell by 10%, and consumer end market revenue decreased by 11%. Operating expenses rose to $2.9 billion, with research and development costs up by 6.3%. Marvell Technology reported a net loss of $933.4 million and total borrowings of $4.2 billion, although it repaid $1.6 billion in debt principal. The company paid $206.8 million in cash dividends and repurchased 2.5 million shares for $150 million. A restructuring plan resulted in charges of $131.1 million, and a tax provision of $174.7 million was recorded. Cash and cash equivalents were reported...Show More

Marvell Technology has completed its fiscal 2024 performance review, reporting a total revenue of $5.5 billion, marking a 7% decrease from the previous year. The company's data center business saw an 8% decline, while automotive revenue grew by 9%. Carrier infrastructure market demand dropped by 3%, enterprise networking revenue fell by 10%, and consumer end market revenue decreased by 11%. Operating expenses rose to $2.9 billion, with research and development costs up by 6.3%. Marvell Technology reported a net loss of $933.4 million and total borrowings of $4.2 billion, although it repaid $1.6 billion in debt principal. The company paid $206.8 million in cash dividends and repurchased 2.5 million shares for $150 million. A restructuring plan resulted in charges of $131.1 million, and a tax provision of $174.7 million was recorded. Cash and cash equivalents were reported at $950.8 million. The company completed the acquisition of Innovium and the integration of Inphi, with goodwill recorded at $11.6 billion. Contributions to employee 401(k) plans were $15.5 million, and equity compensation plans saw 20.5 million shares issued under approved plans and 0.9 million under unapproved plans. Legal settlements related to product claims resulted in charges of $251 million. Marvell Technology also committed to at least $2.0 billion in purchases through 2033 with supply capacity reservation agreements with foundries and test & assembly partners.