Marvell: Fiscal 3Q22 Financial Results

Marvell Technology, Inc. reported financial results for the third quarter of fiscal year 2022.

It completed the acquisition of Innovium, Inc. on October 5, 2021, approximately 25 days before the end of 3FQ22. Results for this quarter include the results of Innovium from the acquisition date, while prior periods presented do not.

Net revenue for 3FQ22 was $1.211 billion, which exceeded the midpoint of the company’s guidance provided on August 26, 2021. GAAP net loss for 3FQ22 was $(63) million, or $(0.08) per diluted share. Non-GAAP net income for 3FQ22 was $364 million, or $0.43 per diluted share. Cash flow from operations for 3FQ22 was $265 million.

“Marvell delivered record revenue of $1.211 billion in 3FQ22, growing 13% sequentially and 61% year over year, exceeding the high end of our guidance. Revenue grew substantially in each of our 5 end markets, led by data center, our largest contributor at 41% of total revenue, which grew 15% sequentially and 109% year over year,” said Matt Murphy, president and CEO. “For the fourth quarter, we are expecting sequential revenue growth of 9% at the midpoint of guidance, led by 5G, which is projected to increase by 30% sequentially and data center which is forecasted to continue to grow in the double digits on a percentage basis.“

4FQ22 outlook
• Net revenue: $1.320 billion +/- 3%
• GAAP gross margin: 47.9% to 49.8%.
• Non-GAAP gross margin: approximately 65%
• GAAP operating expenses: $630 million to $640 million.
• Non-GAAP operating expenses: $390 million to $395 million
• Basic weighted average shares outstanding: 844 million
• Diluted weighted average shares outstanding: 861 million
• GAAP diluted loss per share: $(0.03) +/- $0.04 per share
• Non-GAAP diluted income per share: $0.48 +/- $0.03 per share