🔹 Revenue: $2.01B (Est. $2.01B) 🟡; UP +58% YoY
🔹 EPS: $0.67 (Est. $0.67) 🟡; UP +$0.37 YoY
Q3 Guidance:
🔹 Revenue: $2.06B (Est. $2.1B) 🔴; UP +3% sequential
🔹 EPS: $0.69-$0.79 (Est. $0.72) 🟡; Midpoint $0.74
🔹 Gross Margin: 59.5%-60.0% (Est. 59.3%)
🔹 GAAP EPS: $2.03 +/- $0.05
Q2 End Market Performance:
🔹 Data Center: $1.49B (Est. $1.52B) 🔴; UP +69% YoY
🔹 Enterprise Networking: $193.6M (Est. $184.6M) 🟢; UP +28% YoY
🔹 Carrier Infrastructure: $130.1M (Est. $147.3M) 🔴; UP +71% YoY
🔹 Consumer: $115.9M (Est. $91.9M) 🟢; UP +30% YoY
🔹 Automotive/Industrial: $76.0M (Est. $76.3M) 🔴; DOWN -0.3% YoY
Other Key Metrics:
🔹 Non-GAAP Gross Margin: 59.4%; -2.5 ppt YoY
🔹 Cash Flow from Operations: $461.6M
🔹 GAAP Net Income: $194.8M
🔹 Non-GAAP Net Income: $585.5M
🔹 R&D Expenses: $519.0M; UP +6.6% YoY
CEO Matt Murphy's Commentary:
🔸 "Marvell delivered record revenue of $2.006 billion in the second quarter – a 58% year-over-year increase – and we expect continued growth into the third quarter, accompanied by operating margin and earnings per share expansion."
🔸 "Marvell's growth is being fueled by strong AI demand for our custom silicon and electro-optics products, as well as a significant increase in the pace of recovery in our enterprise networking and carrier infrastructure end markets."
🔸 "Our custom AI design activity is at an all-time high, with the Marvell team now engaged in over 50 new opportunities across more than 10 customers."
