Marvell reported net revenue for the second quarter of its fiscal 2024 of $1.341 billion, $11 million above the midpoint of the company's prior guidance, but down 12% year-on-year.
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.
"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."
Some highlights:
- Data infrastructure revenue represented 87 percent of total revenue.
- Data center revenue grew 6% QoQ, with cloud growing over 20% QoQ.
- Enterprise networking revenue declined 10% QoQ, due to inventory corrections.
- Carrier revenue declined 5% QoQ; wireline decline partially offset by 5G growth.
- Automotive/industrial revenue grew 23% QoQ; automotive continued strong growth.
