Marvell Technology reported net revenue for its first quarter of fiscal 2025 of $1.161 billion, $11.0 million above the mid-point of the company’s guidance provided on March 7, 2024. GAAP net loss for the first quarter of fiscal 2025 was $(215.6) million, or $(0.25) per diluted share. Non-GAAP net income for the first quarter of fiscal 2025 was $206.7 million, or $0.24 per diluted share. Cash flow from operations for the first quarter was $324.5 million.
“Marvell delivered first quarter fiscal 2025 revenue of $1.161 billion, above the mid-point of guidance, driven by stronger than forecasted demand from AI. Our data center revenue grew 87% year over year, with the start of a ramp in our custom AI programs complementing our substantial base of electro-optics revenue,” said Matt Murphy, Marvell’s Chairman and CEO. “For the second quarter of fiscal 2025, we are guiding an 8% sequential increase in revenue at the mid-point, fueled by ramping custom AI silicon. We see a favorable setup for the second half of this fiscal year, driven by continued growth in data center and the beginning of a recovery in enterprise networking and carrier infrastructure.”
