(Tiper Stock Exchange) – Marvell Technologya US company that sells a variety of chips and hardware products, closed its second quarter of fiscal year 2024 (ended July 29, 2023) with Net revenues of $1.341 billion, $11 million above the midpoint of May 25 guidance and down from $1.517 billion in the same period last year.
There net loss was $207.5 million, or $0.24 per share, versus a year-ago gain of $4.3 million, or $0.01 per share. L’adjusted net profit was $290.2 million, or $0.33 per diluted share. The cash flow from operations it was $112.5 million.
“Marvell reported second-quarter revenue above the midpoint of forecasts, and we expect sequential revenue growth to accelerate in the third quarter. This growth is mainly driven by artificial intelligence and cloud infrastructure“, said the CEO Matt Murphy.
“Demand for AI applications continues to grow stronger, bringing ours Overall AI revenue outlook this fiscal year even higher than what outlined above,” he added. “Our strategy of focusing on data infrastructure across a diverse set of end markets is paying off despite the backdrop of a weakening macro environment.”
Marvell Technology provides for the third quarter FY 2024: Net revenues of $1.4 trillion (+/- 5%); loss per share of $0.07 (+/- 0.05 per share); adjusted earnings per share of $0.40 (+/- $0.05 per share).