Marvell Technology expects AI revenue to double this year

Marvell Technology expects AI revenue to double this year

(Tiper Stock Exchange) – Marvell Technologya US company that sells a variety of chips and hardware products, has filed Net revenues equal to 1.322 billion dollars first quarter for fiscal 2024 (ended April 29, 2023), down 9 percent year over year and $22 million above the midpoint of the company’s guidance provided on March 2, 2023. The figure is also higher than the estimate analyst average of $1.30 billion, according to Refinitiv data.

There net loss was $168.9 million, or $0.20 per share. L’adjusted net profit it was $264 million, or $0.31 per share.

“We expect revenue growth to accelerate in the second half of this fiscal year, accompanied by gross and operating margin expansion,” said the CEO Matt Murphy.

“While we are still in the early stages of our AI growth, we expect our AI revenue in fiscal 2024 will at least double compared to the previous year and will continue to grow rapidly in the coming years,” he added.

The Californian company predicts a turnover of second quarter by $1.33 billion, higher than analyst estimates of $1.31 billion, according to data from Refinitiv.