Marvell Technology reported revenu of $1.322 billion for the first quarter of its fiscal year 2024, $22 million above the midpoint of the company's prior guidance and down 9% year-on-year. GAAP net loss for the first quarter of fiscal 2024 was $(168.9) million, or $(0.20) per diluted share. Non-GAAP net income for the first quarter of fiscal 2024 was $264 million, or $0.31 per diluted share. Cash flow from operations for the first quarter was $208.4 million.
"We delivered first quarter fiscal 2024 revenue of $1.322 billion, above the midpoint of guidance, and are forecasting sequential revenue growth in the second quarter. We are expecting revenue growth to accelerate in the second half of this fiscal year, accompanied by gross and operating margin expansion," said Matt Murphy, Marvell's President and CEO. "AI has emerged as a key growth driver for Marvell, which we are enabling with our leading network connectivity products and emerging cloud optimized silicon platform. While we are still in the early stages of our AI ramp, we are forecasting our AI revenue in fiscal 2024 to at least double from the prior year and continue to grow rapidly in the coming years."
