Marvell Technology (MRVL) Reports In-Line Q3 EPS; Offers 4Q EPS/Revenue Guidance

Marvell Technology (NASDAQ: MRVL) reported Q3 EPS of $0.25, in-line with the analyst estimate of $0.25. Revenue for the quarter came in at $750 million versus the consensus estimate of $750.97 million.

• Q3 Revenue: $750 million
• Q3 Gross Margin: 50.8% GAAP gross margin; 63.0% non-GAAP gross margin
• Q3 Diluted income (loss) per share: $(0.03) GAAP diluted loss per share; $0.25 non-GAAP diluted income per share
• Cash and short-term investments: $832 million

"Marvell continued to deliver strong revenue growth in the third fiscal quarter. Overall revenue increased 13% year on year, driven by our networking business, which grew revenue 35% year on year. Strong 5G and Cloud product ramps are fueling our ongoing success in these strategic growth markets," said Matt Murphy, Marvell's President and CEO. "Demand continues to increase, and we are guiding fourth fiscal quarter revenue at the mid-point to grow approximately 5% sequentially. Our team is working to mitigate the impact of industry-wide supply constraints that are currently limiting our ability to fully satisfy the increase in demand."

GUIDANCE:

Marvell Technology sees Q4 2021 EPS of $0.25-$0.33, versus the consensus of $0.29. Marvell Technology sees Q4 2021 revenue of $745.75-824.25 million, versus the consensus of $787.41 million.

Fourth Quarter of Fiscal 2021 Financial Outlook

• Revenue is expected to be $785 million +/- 5%.
• GAAP gross margin is expected to be approximately 52.8%.
• Non-GAAP gross margin is expected to be approximately 64%.
• GAAP operating expenses are expected to be approximately $379 million.
• Non-GAAP operating expenses are expected to be approximately $280 million.
• Basic weighted average shares outstanding are expected to be 673 million.
• Diluted weighted average shares outstanding are expected to be 686 million.
• GAAP diluted income (loss) per share is expected to be $(0.03) to $0.07 per share.
• Non-GAAP diluted income per share is expected to be $0.25 to $0.33 per share.

For earnings history and earnings-related data on Marvell Technology (MRVL) click here.

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