• Q3 Net Revenue: $1.537 billion, grew by 27% year-on-year
• Q3 Gross Margin: 50.6% GAAP gross margin; 64.0% non-GAAP gross margin
• Q3 Diluted income per share: $0.02 GAAP diluted income per share; $0.57 non-GAAP diluted income per share

SANTA CLARA, Calif. -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2023.

Net revenue for the third quarter of fiscal 2023 was $1.537 billion, at the lower end of the Company's guidance provided on August 25, 2022. GAAP net income for the third quarter of fiscal 2023 was $13 million, or $0.02 per diluted share. Non-GAAP net income for the third quarter of fiscal 2023 was $492 million, or $0.57 per diluted share. Cash flow from operations for the third quarter was $411.0 million.

"In the third quarter of fiscal 2023, we delivered revenue of $1.54 billion, a record for Marvell, growing 27 percent year over year driven by our key growth drivers of cloud, 5G and automotive, as well as share and content gains in our enterprise networking end market," said Matt Murphy, Marvell's President and CEO. "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 in an orderly fashion to clear the path to a resumption of growth. Our design win pipeline remains strong, our new cloud-optimized products are starting to ramp, and we are well positioned to navigate the current environment successfully and remain confident in our long-term growth drivers."

Fourth Quarter of Fiscal 2023 Financial Outlook

• Net revenue is expected to be $1.400 billion +/- 5%.
• GAAP gross margin is expected to be 49.2% +/- 1%.
• Non-GAAP gross margin is expected to be approximately 64.0%.
• GAAP operating expenses are expected to be approximately $646 million.
• Non-GAAP operating expenses are expected to be approximately $430 million.
• Basic weighted average shares outstanding are expected to be 855 million.
• Diluted weighted average shares outstanding are expected to be 861 million.
• GAAP diluted income per share is expected to be $0.00 +/- $0.05 per share.
• Non-GAAP diluted income per share is expected to be $0.46 +/- $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.