• Q2 Net Revenue: $1.341 billion, declined by 12% year-on-year
• Q2 Gross Margin: 38.9% GAAP gross margin; 60.3% non-GAAP gross margin
• Q2 Diluted income (loss) per share: $(0.24) GAAP diluted loss per share; $0.33 non-GAAP diluted income per share

SANTA CLARA, Calif. -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the second quarter of fiscal year 2024.

Net revenue for the second quarter of fiscal 2024 was $1.341 billion, $11 million above the midpoint of the Company's guidance provided on May 25, 2023. GAAP net loss for the second quarter of fiscal 2024 was $(207.5) million, or $(0.24) per diluted share. Non-GAAP net income for the second quarter of fiscal 2024 was $290.2 million, or $0.33 per diluted share. Cash flow from operations for the second quarter was $112.5 million.

"Marvell delivered second quarter fiscal 2024 revenue above the midpoint of guidance, and we are forecasting sequential revenue growth to accelerate in the third quarter. This growth is being driven primarily by AI and cloud infrastructure," said Matt Murphy, Marvell's Chairman and CEO. "Demand from AI applications continues to strengthen, driving our overall revenue outlook from AI for this fiscal year even higher than previously outlined. Our strategy to focus on data infrastructure across a diverse set of end markets is serving us well despite the backdrop of a softening macroenvironment."

Third Quarter of Fiscal 2024 Financial Outlook

• Net revenue is expected to be $1.400 billion +/- 5%.
• GAAP gross margin is expected to be 45.6% - 48.0%.
• Non-GAAP gross margin is expected to be 60.3% - 61.3%.
• GAAP operating expenses are expected to be $666 million - $671 million.
• Non-GAAP operating expenses are expected to be $435 million - $440 million.
• Basic weighted average shares outstanding are expected to be 863 million.
• Diluted weighted average shares outstanding are expected to be 869 million.
• GAAP diluted loss per share is expected to be $(0.07) +/- $0.05 per share.
• Non-GAAP diluted income per share is expected to be $0.40 +/- $0.05 per share.

GAAP diluted EPS is calculated using basic weighted average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted average shares outstanding when there is a GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted average shares outstanding.