Semiconductor solutions provider Marvell is now releasing its financial results for the third quarter of fiscal year 2023. The company’s sales revenue was US$1.537 billion, a year-on-year increase of 27%, but it was still at the lower end of the company’s previous expected range.
Marvell’s fiscal third quarter 2023 GAAP net income was $13 million, or $0.02 per diluted share. Non-GAAP net income for the third quarter of fiscal 2023 was $492 million, or $0.57 per diluted share. The company’s cash flow from operations for the quarter was $411 million.
According to reports, in this quarter, Marvell’s data center, enterprise network, carrier infrastructure, and automotive and industrial terminal segments, which are mainly oriented to the enterprise market, all achieved strong year-on-year growth, and the consumer business was the only segment that declined. Among them, the data center business Q3 revenue, which accounts for the highest revenue weight, increased by 26% year-on-year, and the second largest business enterprise network business revenue increased by 52% year-on-year.
Matt Murphy, Marvell President and CEO, said: “In the third quarter of fiscal 2023, we achieved sales revenue of $1.54 billion, a record high for Marvell, up 27% year-over-year, driven by cloud computing, 5G and automotive key growth drivers, as well as our share and content gains in the enterprise networking end market. Inventory drawdowns, particularly at our Storage customers, are impacting our near-term results and guidance, and we are working closely with them to Managed their demand changes in an orderly manner, clearing the way for a return to growth. Our Design Win momentum remains strong, our new cloud-optimized offerings are starting to grow, and we are well-positioned to successfully navigate the current environment and impact our remain confident in its long-term growth momentum.”
Looking ahead to the fourth fiscal quarter, Marvell expects sales revenue of $140 million ± 5%; GAAP gross margin of 49.2% ± 1%; non-GAAP gross margin of approximately 64.0%. GAAP diluted earnings per share was approximately $0.00, plus or minus 0.05; non-GAAP diluted earnings per share was approximately $0.46, plus or minus 0.05.
