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Marvell Technology Beats Q3 Estimates, Forecasts Strong AI-Driven Growth with EPS Beat and Stock Rise

Dec 3, 2024, 09:09 PM

Marvell Technology Inc. reported its fiscal third quarter 2025 earnings, surpassing analyst expectations. The company announced a net revenue of $1.516 billion, which was $66 million above the mid-point of their guidance provided on August 29, 2024, representing a 7% year-over-year increase and a 19% sequential growth. Marvell's non-GAAP earnings per share (EPS) for the quarter came in at $0.43, beating the consensus estimate of $0.41. The GAAP gross margin was 23.0%, while the non-GAAP gross margin stood at 60.5%. The company reported a GAAP net loss of $(676.3) million, or $(0.78) per diluted share, but a non-GAAP net income of $373 million, or $0.43 per share. The CEO highlighted that the growth was driven by strong demand from AI, with the company forecasting a further 19% sequential revenue growth for the next quarter. Marvell also provided guidance for the fourth quarter, expecting revenue to be between $1.71 billion and $1.89 billion, with an EPS outlook of $0.54 to $0.64, both well above the FactSet consensus estimates. The stock rose by 7.6% in after-hours trading following the earnings release.