Marvell Technology, Inc. (MRVL) reported its second-quarter financial results after the market closed on Thursday, exceeding analysts’ expectations. The company reported GAAP earnings of 30 cents per share, matching the consensus estimate, while revenue came in at $1.27 billion, surpassing the estimate by 1.65%. This growth was fueled by robust demand for AI products.
Marvell’s non-GAAP gross margin for the second quarter was 61.9%, and cash flow from operations reached $306.4 million. Matt Murphy, Marvell’s Chairman and CEO, highlighted the strong performance, stating that revenue grew 10% sequentially, driven by AI demand. He also emphasized the growth of electro-optics products and the ramp-up of custom AI programs.
Looking ahead, Marvell anticipates continued growth. The company expects its enterprise networking and carrier end markets to rebound in the third quarter, with the data center end market experiencing accelerated growth. Overall, all end markets are projected to grow sequentially, with consolidated revenue forecast to increase by 14% at the midpoint, accompanied by a significant improvement in operating leverage.
Marvell anticipates third-quarter net revenue of $1.45 billion, plus or minus 5%. Following the announcement, Marvell Technology shares surged 6.77% in after-hours trading, reaching $74.57 at the time of publication.
