Source: Marvell Technology Inc.
  • Marvell Technology (NASDAQ:MRVL) shares rose more than 30 per cent Friday
  • Net revenue for Q1 of fiscal 2024 was $1.322 billion, $22 million above the midpoint of the company’s guidance provided on March
  • Q2 Fiscal 2024 net revenue is expected to be $1.330 billion plus or minus 5 per cent
  • Marvell Technology Inc. (MRVL) opened trading at US$58.66 per share

Marvell Technology (NASDAQ:MRVL) shares rose more than 30 per cent Friday.

The data infrastructure company posted its financial results for its Q1 of fiscal year 2024.

Net revenue for its Q1 of fiscal 2024 was $1.322 billion, $22 million above the midpoint of the company’s guidance provided in March 2023. GAAP net loss for Q1 of fiscal 2024 was $168.9 million, or $0.20 per diluted share. Non-GAAP net income for Q1 of fiscal 2024 was $264 million, or $0.31 per diluted share. Cash flow from operations for Q1 was $208.4 million.

Q2 Fiscal 2024 Financial Outlook:

  • Net revenue is expected to be $1.330 billion plus or minus 5 per cent
  • GAAP gross margin is expected to be 44.3 per cent to 46.8 per cent
  • Non-GAAP gross margin is expected to be approximately 60 per cent to 61 per cent

Meanwhile, its data infrastructure semiconductor solutions has demonstrated high-speed, ultra-high bandwidth silicon interconnects produced on Taiwan Semiconductor Manufacturing Co.’s (TSMC) 3-nanometer (3nm) process. Marvell’s industry-first silicon building blocks in this node include 112G XSR SerDes (serializer/de-serializer), Long Reach SerDes, PCIe Gen 6 / CXL 3.0 SerDes, and a 240 Tbps parallel die-to-die interconnect.

These new building blocks are a part of Marvell’s strategy to build a silicon IP portfolio for designing chips that will radically increase the bandwidth, performance, and energy efficiency of next-generation data infrastructure. These technologies also support all semiconductor packaging options from standard and low-cost Redistribution Layers to silicon-based high-density interconnect.

The blue eye diagram, PCIe Gen 6 SerDes (@ 64Gb/s), represents high-performance signals transmitted by Marvell’s 3nm SerDes optimized for PCIe Gen 6 / CXL 3.0. This is an industry-first. The vertical height, size, and relative symmetry of the eyes indicate the mitigation of noise and bit errors. Source: Marvell Technology Inc.
The orange eye diagram, 112G XSR SerDes (@ 113Gb/s), represents the signals from Marvell’s 3nm low latency SerDes optimized for 112G XSR. This is an industry-first. The vertical height, size, and relative symmetry of the eyes indicate the mitigation of noise and bit errors. Source: Marvell Technology Inc.

Some call bandwidth the “lifeblood of the cloud”, and Marvell’s president of products and technologies, Raghib Hussain explained that interconnects are taking on heightened importance as clouds and other computing systems grow in size, complexity and capability.

“Our advanced SerDes and parallel interfaces will play a significant role in providing a platform for developing chips with best-in-class bandwidth, latency, bit error rate, and power efficiency for meeting the demands of AI and other complex workloads.”

Marvell stock has climbed 74.5 per cent since the year began and has risen 47.4 per cent in the last three months.

Marvell Technology Inc. stock chart – Feb 2023 – May 2023.

Marvell Technology is a leading fabless chipmaker focused on networking and storage applications. Marvell serves the data center, carrier, enterprise, automotive, and consumer end markets with processors, optical interconnections, application-specific integrated circuits (ASICs), and merchant silicon for Ethernet applications. The firm is an active acquirer, with five large acquisitions since 2017 helping it pivot out of legacy consumer applications to focus on the cloud and 5G markets. The company made news recently when it appointed President and CEO, Matt Murphy, as Chair of the Board – click here for more on that story.

Marvell Technology Inc. (MRVL) opened trading at US$58.66 per share.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

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