Marvell: Fiscal 3Q23 Financial Results

(in $ million)	3Q22	3Q23	9 mo. 22	9 mo. 23
Revenue	1,211	1,537	3,119	4,501
*Growth*		27%		*44%*
Net income (loss)	(62.6)	13.3	(427.2)	(148.1)

3FQ23 global revenue of Marvell Technology, Inc. reached $1,537.3 million, a new record, up 27% Y/Y and 1% Q/Q with small net income.

The company does not reveal any more its sales for storage but did some comments on the subject.

Matt Murphy, president and CEO, commented: “Inventory reductions, in particular at our storage customers, are impacting our near-term results and guidance, and we are working closely with them to manage their change in demand.“

Early in 3FQ23, the firm was still dealing with supply escalations. Late in the quarter, customers started requesting to push out shipments and reschedule orders to manage their inventory in a changing demand environment. In 3FQ23, these inventory reductions started to manifest, and the company is expecting an even greater impact in 4FQ23. The largest impact is from storage customers and has been widely communicated by that set of OEMs in an orderly fashion to clear the path to a resumption of growth.

On a sequential basis, data center revenue declined by 3% due to softness in on-premise business. Storage products, including FC, HDD, and SSD, all saw demand decline during the quarter, and report weak guidance.