Marvell Technology, Inc. reported a new record third-quarter net revenue of $2.075 billion, reflecting a 37% year-on-year growth.
The company achieved a GAAP gross margin of 51.6% and a non-GAAP gross margin of 59.7% in Q3.
Diluted income per share reached $2.20 on a GAAP basis and $0.76 on a non-GAAP basis for the quarter.
Record Revenue
Q3 net revenue of $2.075 billion set a new company record, driven by strong demand in the data center product segment.
Gross Margin Performance
Marvell achieved a commendable GAAP gross margin of 51.6% and a non-GAAP gross margin of 59.7% in the third quarter.
Outlook for Growth
The company expects robust growth in the upcoming quarter and anticipates exceeding 40% full-year revenue growth.
Acquisition Announcement
Marvell announced the acquisition of Celestial AI, a move aimed at accelerating their scale-up roadmap for interconnect, reinforcing their position in the AI datacenter infrastructure sector.
- Marvell's Q3 financial results were propelled by strong performance in the data center product category, indicating increasing demand for their solutions.
- The sale of the automotive ethernet business to Infineon Technologies AG for $2.5 billion contributed to a pre-tax gain of $1.8 billion, positively impacting the company's financials.
Marvell Technology's impressive Q3 results and strategic acquisition highlight the company's strong position in the semiconductor industry, setting a positive trajectory for future growth.