Marvell Technology (NASDAQ: MRVL) reported Q1 EPS of $0.31, $0.02 better than the analyst estimate of $0.29. Revenue for the quarter came in at $1.32 billion versus the consensus estimate of $1.3 billion.

GUIDANCE:

Marvell Technology sees Q2 2024 EPS of $0.27-$0.37, versus the consensus of $0.31. Marvell Technology sees Q2 2024 revenue of $1.33 billion, versus the consensus of $1.31 billion.

"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."

Second Quarter of Fiscal 2024 Financial Outlook:

• Net revenue is expected to be $1.330 billion +/- 5%.
• GAAP gross margin is expected to be 44.3% - 46.8%.
• Non-GAAP gross margin is expected to be approximately 60.0% - 61.0%.
• GAAP operating expenses are expected to be approximately $694 million.
• Non-GAAP operating expenses are expected to be approximately $455 million.
• Basic weighted average shares outstanding are expected to be 861 million.
• Diluted weighted average shares outstanding are expected to be 865 million.
• GAAP diluted loss per share is expected to be $(0.16) +/- $0.05 per share.
• Non-GAAP diluted income per share is expected to be $0.32 +/- $0.05 per share.

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