Published on 26 May 2023 on Zacks via Yahoo Finance
Marvell (MRVL) Q1 Earnings and Revenues Beat Expectations
Marvell Technology MRVL reported better-than-expected results for the first quarter of fiscal 2024, wherein both the bottom line and top line outpaced the Zacks Consensus Estimates.
California-based Marvell reported non-GAAP earnings of 31 cents per share, beating the Zacks Consensus Estimate of 29 cents. The semiconductor company reported revenues of $1.32 billion, which surpassed the consensus mark of $1.30 billion.
However, the non-GAAP earnings per share and revenues fell 40.4% and 9%, respectively, from the year-ago quarter. This decline can primarily be attributed to customer inventory reduction actions, partially offset by substantial growth in all end markets except the data center and consumer market.