Marvell Technology, Inc. (NASDAQ:MRVL) reported its first-quarter financial results after the bell Thursday. Here’s a look at the highlights from the report.Â
The Details: Marvell reported quarterly earnings of 24 cents per share, which missed the analyst consensus estimate of 25 cents and is a 22.58% decrease from earnings of $0.31 per share from the same period last year.
Quarterly sales came in at $1.16 billion which missed the analyst consensus estimate of $1.18 billion and is a 12.18% decrease from sales of $1.32 billion year-over-year.
Marvell also reported non-GAAP gross margin of 62.4% for the quarter.
“Marvell delivered first quarter fiscal 2025 revenue of $1.161 billion, above the mid-point of guidance, driven by stronger than forecasted demand from AI. Our data center revenue grew 87% year over year, with the start of a ramp in our custom AI programs complementing our substantial base of electro-optics revenue,” said Matt Murphy, Marvell’s chairman and CEO.
Outlook:Â Marvell Technology sees second-quarter earnings of 29 cents, plus or minus 5 cents, per share, versus the 29 cents per share estimate. The company expects revenue of $1.25 billion, plus or minus 5%, versus the $1.24 billion consensus estimate.
“For the second quarter of fiscal 2025, we are guiding an 8% sequential increase in revenue at the mid-point, fueled by ramping custom AI silicon. We see a favorable setup for the second half of this fiscal year, driven by continued growth in data center and the beginning of a recovery in enterprise networking and carrier infrastructure,” said Murphy.
MRVL Price Action: According to Benzinga Pro, Marvell Technology shares are down 1.76% after-hours at $75.50 at the time of publication Thursday.
Related News: American Superconductor Stock Climbs On Strong Q4 Results: The Details
Photo: Shutterstock
