Marvell Technology Q3 revenue of $1.419 billion, down by 8% year-over-year, and $19 million above the midpoint of the company’s guidance provided on August 24, 2023.
GAAP net loss for the third quarter of fiscal 2024 was $(164.3) million, or $(0.19) per diluted share. Non-GAAP net income for the third quarter of fiscal 2024 was $354.1 million, or $0.41 per diluted share. Cash flow from operations for the third quarter was $503.0 million.
“Marvell delivered third quarter fiscal 2024 revenue of $1.419 billion, growing 6% sequentially, above the midpoint of guidance. Revenue from our datacenter end market grew over 20% sequentially in the third quarter, and we expect growth of over 30% sequentially in our fourth quarter,” said Matt Murphy, Marvell’s Chairman and CEO. “The diversification of our portfolio is serving us well, with strong growth from AI and cloud carrying us through a softening demand environment in other end markets. These dynamics are reflected in our forecast for overall revenue to be flat sequentially in the fourth quarter at the midpoint of guidance.”
Q3 2023 Revenue by Segment
- Data center $555.8 million Enterprise networking $271.1 million
- Carrier infrastructure $316.5 million Consumer $168.7 million Automotive/industrial $106.5 million
