Marvell Technology, Inc. Reports Strong Third Quarter Fiscal Results

Magpie.AI 2023-11-30 21:25:26

Keywords: Marvell Technology, Inc., NASDAQ:MRVL, data center, AI, cloud infrastructure, PAM platform, gross margin, long-term opportunities

Marvell Technology, Inc. (NASDAQ:MRVL) reported strong results in their third fiscal quarter of 2024. Revenue grew 6% sequentially, driven by strength in the data center end market. The company's data center end market saw a 21% sequential growth, led by strong demand in AI and cloud infrastructure. The company also demonstrated strong customer traction for their next generation 1.6T 200-gig per lane PAM platform. The company's gross margin improved to 60.6% sequentially, driven by higher revenue and cost improvements. The company is forecasting continued growth in the data center end market in the fourth quarter. Despite challenges in other end markets, Marvell remains optimistic about the long-term opportunities in their enterprise, carrier, and consumer end markets. The company's diversified business model and focus on data infrastructure are driving their growth and positioning them for long-term success.