• Q1 Web Income: $1.322 billion, declined by 9% year-on-year

• Q1 Gross Margin: 42.2% GAAP gross margin; 60.0% non-GAAP gross margin

• Q1 Diluted earnings (loss) per share: $(0.20) GAAP diluted loss per share; $0.31 non-GAAP diluted earnings per share

SANTA CLARA, Calif., Might 25, 2023 /PRNewswire/ — Marvell Expertise, Inc. (NASDAQ: MRVL), a frontrunner in information infrastructure semiconductor options, in the present day reported monetary outcomes for the primary quarter of fiscal yr 2024.

Web income for the primary quarter of fiscal 2024 was $1.322 billion, $22 million above the midpoint of the Firm’s steering offered on March 2, 2023. GAAP web loss for the primary quarter of fiscal 2024 was $(168.9) million, or $(0.20) per diluted share. Non-GAAP web earnings for the primary quarter of fiscal 2024 was $264 million, or $0.31 per diluted share. Money movement from operations for the primary quarter was $208.4 million.

“We delivered first quarter fiscal 2024 income of $1.322 billion, above the midpoint of steering, and are forecasting sequential income development within the second quarter. We predict income development to speed up within the second half of this fiscal yr, accompanied by gross and working margin growth,” mentioned Matt Murphy, Marvell’s President and CEO. “AI has emerged as a key development driver for Marvell, which we’re enabling with our main community connectivity merchandise and rising cloud optimized silicon platform. Whereas we’re nonetheless within the early levels of our AI ramp, we’re forecasting our AI income in fiscal 2024 to no less than double from the prior yr and proceed to develop quickly within the coming years.”

Second Quarter of Fiscal 2024 Monetary Outlook

• Web income is predicted to be $1.330 billion +/- 5%.

• GAAP gross margin is predicted to be 44.3% – 46.8%.

• Non-GAAP gross margin is predicted to be roughly 60.0% – 61.0%.

• GAAP working bills are anticipated to be roughly $694 million.

• Non-GAAP working bills are anticipated to be roughly $455 million.

• Primary weighted common shares excellent are anticipated to be 861 million.

• Diluted weighted common shares excellent are anticipated to be 865 million.

• GAAP diluted loss per share is predicted to be $(0.16) +/- $0.05 per share.

• Non-GAAP diluted earnings per share is predicted to be $0.32 +/- $0.05 per share.

Story continues

GAAP diluted EPS is calculated utilizing primary weighted common shares excellent when there’s a GAAP web loss, and calculated utilizing diluted weighted common shares excellent when there’s a GAAP web earnings. Non-GAAP diluted EPS is calculated utilizing diluted weighted common shares excellent.

Convention Name

Marvell will conduct a convention name on Thursday, Might 25, 2023 at 1:45 p.m. Pacific Time to debate outcomes for the primary quarter of fiscal 2024. events could be a part of the convention name by dialing 1-888-317-6003 or 1-412-317-6061, passcode 1510543. The decision might be webcast and might be accessed on the Marvell Investor Relations web site at http://investor.marvell.com/. A replay of the decision might be accessed by dialing 1-877-344-7529 or 1-412-317-0088, passcode 7997301 till Thursday, June 1, 2023.

Dialogue of Non-GAAP Monetary Measures

Non-GAAP monetary measures exclude the impact of stock-based compensation expense, amortization of the stock honest worth adjustment related to acquisitions, amortization of acquired intangible belongings, acquisition and divestiture-related prices, restructuring and different associated expenses (together with, however not restricted to, asset impairment expenses, worker severance prices, and services associated expenses), decision of authorized issues, and sure bills and advantages which might be pushed primarily by discrete occasions that administration doesn’t think about to be instantly associated to Marvell’s core enterprise. Though Marvell excludes the amortization of all acquired intangible belongings from these non-GAAP monetary measures, administration believes that it can be crucial for traders to know that such intangible belongings have been recorded as a part of buy worth accounting arising from acquisitions, and that such amortization of intangible belongings that relate to previous acquisitions will recur in future intervals till such intangible belongings have been absolutely amortized. Buyers ought to notice that using intangible belongings contributed to Marvell’s revenues earned throughout the intervals offered and are anticipated to contribute to Marvell’s future interval revenues as nicely.

Marvell makes use of a non-GAAP tax price to compute the non-GAAP tax provision. This non-GAAP tax price relies on Marvell’s estimated annual GAAP earnings tax forecast, adjusted to account for objects excluded from Marvell’s non-GAAP earnings, in addition to the results of serious non-recurring and interval particular tax objects which differ in dimension and frequency, and excludes tax deductions and advantages from acquired tax loss and credit score carryforwards and modifications in valuation allowance on acquired deferred tax belongings. Marvell’s non-GAAP tax price is decided on an annual foundation and could also be adjusted throughout the yr to take note of occasions that will materially have an effect on the non-GAAP tax price similar to tax regulation modifications; acquisitions; important modifications in Marvell’s geographic mixture of income and bills; or modifications to Marvell’s company construction. For the primary quarter of fiscal 2024, a non-GAAP tax price of seven.0% has been utilized to the non-GAAP monetary outcomes.

Marvell believes that the presentation of non-GAAP monetary measures offers essential supplemental info to administration and traders relating to monetary and enterprise traits referring to Marvell’s monetary situation and outcomes of operations. Whereas Marvell makes use of non-GAAP monetary measures as a software to reinforce its understanding of sure elements of its monetary efficiency, Marvell doesn’t think about these measures to be an alternative choice to, or superior to, monetary measures calculated in accordance with GAAP. According to this method, Marvell believes that disclosing non-GAAP monetary measures to the readers of its monetary statements offers such readers with helpful supplemental information that, whereas not an alternative choice to GAAP monetary measures, permits for higher transparency within the overview of its monetary and operational efficiency.

Externally, administration believes that traders could discover Marvell’s non-GAAP monetary measures helpful of their evaluation of Marvell’s working efficiency and the valuation of Marvell. Internally, Marvell’s non-GAAP monetary measures are used within the following areas:

• Administration’s analysis of Marvell’s working efficiency;

• Administration’s institution of inside working budgets;

• Administration’s efficiency comparisons with inside forecasts and focused enterprise fashions; and

• Administration’s willpower of the achievement and measurement of sure performance-based fairness awards (changes could differ from award to award).

Non-GAAP monetary measures have limitations in that they don’t mirror all the prices related to the operations of Marvell’s enterprise as decided in accordance with GAAP. Because of this, you shouldn’t think about these measures in isolation or as an alternative choice to evaluation of Marvell’s outcomes as reported below GAAP. The exclusion of the above objects from our GAAP monetary metrics doesn’t essentially imply that these prices are uncommon or rare.

Ahead-Trying Statements below the Non-public Securities Litigation Reform Act of 1995

This press launch comprises forward-looking statements inside the which means of the federal securities legal guidelines that contain dangers and uncertainties. Phrases similar to “anticipates,” “expects,” “intends,” “plans,” “initiatives,” “believes,” “seeks,” “estimates,” “can,” “could,” “will,” “would,” “outlook,” “forecast,” “targets” and related expressions determine such forward-looking statements. Ahead-looking statements contained on this press launch embrace, however usually are not restricted to, the statements describing our monetary outlook and future interval revenues. These statements usually are not ensures of outcomes and shouldn’t be thought of as a sign of future exercise or future efficiency. Ahead-looking statements are predictions, projections and different statements about future occasions which might be primarily based on present expectations and assumptions and, because of this, are topic to dangers and uncertainties. Precise occasions or outcomes could differ materially from these described on this press launch on account of a variety of dangers and uncertainties, together with, however not restricted to: dangers associated to modifications normally macroeconomic circumstances, or expectations of such circumstances, similar to rising rates of interest, macroeconomic slowdowns, recessions, inflation, and stagflation; dangers associated to our capacity to estimate buyer demand and future gross sales precisely; dangers associated to increased stock ranges; dangers associated to cancellations, rescheduling or deferrals of serious buyer orders or shipments, in addition to the power of our prospects to handle stock; the danger of downturns within the semiconductor trade or our buyer finish markets; our capacity to outline, design and develop merchandise for the Cloud and 5G markets, in addition to for Synthetic Intelligence (AI) options; our capacity to retain and rent key personnel; dangers associated to the fast development of the Firm;  dangers associated to make use of of a hybrid work mannequin; delays or elevated prices associated to finishing the design, improvement, manufacturing and introduction of our new merchandise on account of quite a lot of points, together with provide chain cross-dependencies, dependencies on EDA and related instruments, dependencies on using third celebration, enterprise accomplice or buyer mental property, collaboration and synchronization necessities with enterprise companions and prospects, necessities to ascertain new manufacturing, testing, meeting and packing processes, and different points; our dependence on a small variety of prospects; our reliance on our manufacturing companions for the manufacture, meeting, testing and packaging of our merchandise; dangers associated to the ASIC enterprise mannequin which requires us to make use of third-party IP together with the danger that we could lose enterprise or expertise reputational hurt if third events, together with prospects, lose confidence in our capacity to guard their IP rights; the affect of worldwide battle and financial volatility in both home or overseas markets together with dangers associated to commerce conflicts or tensions, laws, and tariffs, together with however not restricted to, restrictions imposed on our Chinese language prospects; the dangers related to manufacturing and promoting merchandise and prospects’ merchandise outdoors of the US; our capacity to safe design wins from our prospects and potential prospects; our capacity to market our 5G merchandise to Tier 1 infrastructure prospects; our capacity to finish and understand the anticipated advantages of any acquisitions, divestitures and investments; decreases in gross margin and outcomes of operations sooner or later on account of a variety of components, together with growing rates of interest and volatility in overseas change charges; extreme monetary hardship or chapter of a number of of our main prospects; our capacity to understand the anticipated advantages from restructuring actions; the results of transitioning to smaller geometry course of applied sciences; the affect of any change within the earnings tax legal guidelines in jurisdictions the place we function and the lack of any useful tax remedy that we presently get pleasure from; our capacity to restrict prices associated to faulty merchandise; dangers associated to our debt obligations; the end result of pending or future litigation and authorized and regulatory proceedings; threat associated to our ESG program; the affect and prices related to modifications in worldwide monetary and regulatory circumstances; dangers associated to the affect of the COVID-19 pandemic which have impacted, and for which lingering results could proceed to affect our enterprise, staff and operations, the transportation and manufacturing of our merchandise, and the operations of our prospects, distributors, distributors, suppliers, and companions; provide chain disruptions or element shortages that will affect the manufacturing of our merchandise together with our kitting course of or could affect the worth of parts which in flip could affect our margins on any impacted merchandise and any constrained availability from different digital suppliers impacting our prospects’ capacity to ship their merchandise, which in flip could adversely affect our gross sales to these prospects; our capacity and the power of our prospects to efficiently compete within the markets by which we serve; our capacity and our prospects’ capacity to develop new and enhanced merchandise and the adoption of these merchandise out there; monetary establishment instability; our capacity to precisely categorize our merchandise by finish markets; our capacity to scale our operations in response to modifications in demand for present or new services and products; dangers related to acquisition and consolidation exercise within the semiconductor trade, together with any consolidation of our manufacturing companions; our capacity to guard our mental property; our upkeep of an efficient system of inside controls; and different dangers detailed in our SEC filings infrequently. The foregoing listing of things just isn’t exhaustive. It’s best to rigorously think about the foregoing components and the opposite dangers and uncertainties that have an effect on our enterprise described within the “Threat Elements” part of our Annual Reviews on Kind 10-Ok, Quarterly Reviews on Kind 10-Q and different paperwork filed by us infrequently with the SEC. Ahead-looking statements converse solely as of the date they’re made. Readers are cautioned to not put undue reliance on forward-looking statements, and we assume no obligation and don’t intend to replace or revise these forward-looking statements, whether or not because of new info, future occasions or in any other case.

About Marvell

To ship the information infrastructure expertise that connects the world, we’re constructing options on probably the most highly effective basis: our partnerships with our prospects. Trusted by the world’s main expertise corporations for over 25 years, we transfer, retailer, course of and safe the world’s information with semiconductor options designed for our prospects’ present wants and future ambitions. By means of a strategy of deep collaboration and transparency, we’re in the end altering the way in which tomorrow’s enterprise, cloud, automotive, and provider architectures remodel—for the higher.

Marvell® and the Marvell brand are registered logos of Marvell and/or its associates.

Marvell Expertise, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands and thousands, besides per share quantities)

Three Months Ended

April 29,
2023

January 28,
2023

April 30,
2022

Web income

$      1,321.7

$      1,418.5

$      1,446.9

Value of products bought

764.5

745.2

696.0

Gross revenue

557.2

673.3

750.9

Working bills:

Analysis and improvement

480.7

443.1

444.1

Promoting, basic and administrative

199.0

203.4

235.7

Restructuring associated expenses

59.9

3.5

1.3

Whole working bills

739.6

650.0

681.1

Working earnings (loss)

(182.4)

23.3

69.8

Curiosity earnings

2.5

2.5

0.5

Curiosity expense

(52.7)

(49.3)

(36.3)

Different earnings, web

0.3

0.3

5.2

Curiosity and different loss, web

(49.9)

(46.5)

(30.6)

Earnings (loss) earlier than earnings taxes

(232.3)

(23.2)

39.2

Provision (profit) for earnings taxes

(63.4)

(7.8)

204.9

Web loss

$       (168.9)

$         (15.4)

$       (165.7)

Web loss per share — primary

$         (0.20)

$         (0.02)

$         (0.20)

Web loss per share — diluted

$         (0.20)

$         (0.02)

$         (0.20)

Weighted common shares:

Primary

856.7

854.1

848.0

Diluted

856.7

854.1

848.0

Marvell Expertise, Inc.
Condensed Consolidated Steadiness Sheets (Unaudited)
(In thousands and thousands)

April 29,
2023

January 28,
2023

Belongings

Present belongings:

Money and money equivalents

$           1,028.3

$              911.0

Accounts receivable, web

1,000.9

1,192.2

Inventories

1,026.0

1,068.3

Pay as you go bills and different present belongings

147.7

109.6

Whole present belongings

3,202.9

3,281.1

Property and gear, web

636.2

577.4

Goodwill

11,586.9

11,586.9

Acquired intangible belongings, web

4,832.0

5,102.0

Deferred tax belongings

608.2

465.9

Different non-current belongings

1,407.0

1,508.8

Whole belongings

$         22,273.2

$         22,522.1

Liabilities and Stockholders’ Fairness

Present liabilities:

Accounts payable

$              388.4

$              465.8

Accrued liabilities

970.8

1,092.0

Accrued worker compensation

184.6

244.5

Brief-term debt

1,517.6

584.4

Whole present liabilities

3,061.4

2,386.7

Lengthy-term debt

3,154.9

3,907.7

Different non-current liabilities

563.0

590.5

Whole liabilities

6,779.3

6,884.9

Stockholders’ fairness:

Widespread inventory

1.7

1.7

Extra paid-in capital

14,589.9

14,512.0

Gathered different complete loss

(0.9)

—

Retained earnings

903.2

1,123.5

Whole stockholders’ fairness

15,493.9

15,637.2

Whole liabilities and stockholders’ fairness

$         22,273.2

$         22,522.1

Marvell Expertise, Inc.

Condensed Consolidated Statements of Money Flows (Unaudited)

(In thousands and thousands)

Three Months Ended

April 29,
2023

April 30,
2022

Money flows from working actions:

Web loss

$            (168.9)

$            (165.7)

Changes to reconcile web loss to web money offered by working actions:

Depreciation and amortization

78.4

75.7

Inventory-based compensation

143.2

131.1

Amortization of acquired intangible belongings

270.0

272.5

Amortization of stock honest worth adjustment related to acquisitions

—

9.3

Restructuring associated impairment expenses

10.1

0.9

Deferred earnings taxes

(139.1)

165.0

Different expense, web

12.8

5.8

Adjustments in belongings and liabilities, web of acquisitions:

Accounts receivable

191.3

(139.5)

Pay as you go bills and different belongings

7.9

(142.9)

Inventories

41.2

(125.8)

Accounts payable

(104.8)

61.4

Accrued worker compensation

(60.1)

(50.0)

Accrued liabilities and different non-current liabilities

(73.6)

97.0

Web money offered by working actions

208.4

194.8

Money flows from investing actions:

Purchases of expertise licenses

(2.8)

(1.6)

Purchases of property and gear

(99.8)

(36.9)

Acquisitions, web of money acquired

—

(44.0)

Different, web

(0.1)

0.1

Web money utilized in investing actions

(102.7)

(82.4)

Money flows from financing actions:

Repurchases of widespread inventory

—

(15.0)

Proceeds from worker inventory plans

7.5

2.5

Tax withholding paid on behalf of staff for web share settlement

(72.6)

(137.6)

Dividend funds to stockholders

(51.4)

(50.9)

Funds on expertise license obligations

(50.0)

(49.0)

Proceeds from borrowings

200.0

—

Principal funds of debt

(21.9)

(10.9)

Web money offered by (utilized in) financing actions

11.6

(260.9)

Web enhance (lower) in money and money equivalents

117.3

(148.5)

Money and money equivalents at starting of interval

911.0

613.5

Money and money equivalents at finish of interval

$           1,028.3

$              465.0

Marvell Expertise, Inc.

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In thousands and thousands, besides per share quantities)

Three Months Ended

April 29,
2023

January 28,
2023

April 30,
2022

GAAP gross revenue:

$     557.2

$     673.3

$     750.9

Particular objects:

Inventory-based compensation

12.0

9.5

12.4

Amortization of acquired intangible belongings

183.7

185.4

174.4

Different value of products bought (a)

39.6

32.4

9.3

Whole particular objects

235.3

227.3

196.1

Non-GAAP gross revenue

$     792.5

$     900.6

$     947.0

GAAP gross margin

42.2 %

47.5 %

51.9 %

Non-GAAP gross margin

60.0 %

63.5 %

65.5 %

Whole GAAP working bills

$     739.6

$     650.0

$     681.1

Particular objects:

Inventory-based compensation

(131.2)

(121.2)

(118.7)

Restructuring associated expenses (b)

(59.9)

(3.5)

(1.3)

Amortization of acquired intangible belongings

(86.3)

(87.8)

(98.1)

Different (c)

(3.6)

(6.8)

(27.7)

Whole particular objects

(281.0)

(219.3)

(245.8)

Whole non-GAAP working bills

$     458.6

$     430.7

$     435.3

GAAP working margin

(13.8) %

1.6 %

4.8 %

Different value of products bought (a)

3.0 %

2.3 %

0.6 %

Inventory-based compensation

10.8 %

9.2 %

9.1 %

Restructuring associated expenses (b)

4.5 %

0.2 %

0.1 %

Amortization of acquired intangible belongings

20.4 %

19.3 %

18.8 %

Different (c)

0.3 %

0.5 %

2.0 %

Non-GAAP working margin 

25.2 %

33.1 %

35.4 %

GAAP curiosity and different loss, web

$      (49.9)

$      (46.5)

$      (30.6)

Particular objects:

Different (c)

0.1

(1.8)

(4.1)

Whole particular objects

0.1

(1.8)

(4.1)

Whole non-GAAP curiosity and different loss, web

$      (49.8)

$      (48.3)

$      (34.7)

GAAP web loss

$   (168.9)

$      (15.4)

$   (165.7)

Particular objects:

Different value of products bought (a)

39.6

32.4

9.3

Inventory-based compensation

143.2

130.7

131.1

Restructuring associated expenses (b)

59.9

3.5

1.3

Amortization of acquired intangible belongings

270.0

273.2

272.5

Different (c)

3.7

5.0

23.6

Pre-tax complete particular objects

516.4

444.8

437.8

Different earnings tax results and changes (d)

(83.3)

(33.1)

176.3

Non-GAAP web earnings

$     264.2

$     396.3

$     448.4

GAAP weighted common shares — primary

856.7

854.1

848.0

GAAP weighted common shares — diluted

856.7

854.1

848.0

Non-GAAP weighted common shares — diluted (e)

861.2

859.0

861.4

GAAP diluted web loss per share

$      (0.20)

$      (0.02)

$      (0.20)

Non-GAAP diluted web earnings per share

$        0.31

$        0.46

$        0.52

(a)

Different value of products bought consists of amortization of acquired stock honest worth changes, acquisition integration associated stock prices, and expenses for an mental property licensing matter.

(b)

Restructuring and different associated objects embrace worker severance prices, asset impairment expenses, services associated expenses, and different.

(c)

Different consists of acquisition associated prices and expenses associated to settlement of a contractual dispute.

(d)

Different earnings tax results and changes are primarily based on a non-GAAP earnings tax price of seven.0% for the three months ended April 29, 2023 and 6.0% for the three months ended January 28, 2023 and April 30, 2022. Within the three months ended January 28, 2023, $18.3 million of non-recurring earnings tax expense is excluded and pertains to the claw again of incentive advantages that resulted from the election of a preferential momentary tax provision in Israel. Moreover, throughout the three months ended April 30, 2022, $213.6 million of non-recurring earnings tax expense related to the extension of a tax incentive in Singapore was excluded from non-GAAP earnings tax expense.

(e)

Non-GAAP diluted weighted common shares differs from GAAP diluted weighted common shares because of the non-GAAP web earnings reported.

 Marvell Expertise, Inc.

 Outlook for the Second Quarter of Fiscal 12 months 2024

Reconciliations from GAAP to Non-GAAP (Unaudited)

 (In thousands and thousands, besides per share quantities)

Outlook for Three Months Ended

July 29, 2023

GAAP web income

$1,330 +/- 5%

Particular objects:

—

Non-GAAP web income

$1,330 +/- 5%

GAAP gross margin

44.3% – 46.8%

Particular objects:

Inventory-based compensation

0.8 %

Amortization of acquired intangible belongings

14.1 %

Non-GAAP gross margin

60% – 61%

Whole GAAP working bills

~ $694

Particular objects:

Inventory-based compensation

148

Amortization of acquired intangible belongings

86

Restructuring associated expenses

3

Different

2

Whole non-GAAP working bills

~ $455

GAAP diluted web loss per share

 $(0.16) +/- $0.05

Particular objects:

Inventory-based compensation

0.18

Amortization of acquired intangible belongings

0.31

     Restructuring associated expenses and different

0.01

Different earnings tax results and changes

(0.02)

Non-GAAP diluted web earnings per share

$0.32 +/- $0.05

Quarterly Income Development (Unaudited)

Our product options serve 5 giant finish markets the place our expertise is crucial: (i) information heart, (ii) enterprise networking, (iii) provider infrastructure, (iv) client, and (v) automotive/industrial. These markets and their corresponding buyer merchandise and purposes are famous within the desk beneath:

Finish market

Buyer merchandise and purposes

Knowledge heart

•  Cloud and on-premise Synthetic intelligence (AI) techniques

•  Cloud and on-premise ethernet switching

•  Cloud and on-premise network-attached storage (NAS)

•  Cloud and on-premise servers

•  Cloud and on-premise storage space networks

•  Cloud and on-premise storage techniques

•  Knowledge heart interconnect (DCI)

Enterprise networking

•  Campus and small medium enterprise routers

•  Campus and small medium enterprise ethernet switches

•  Campus and small medium enterprise wi-fi entry factors (WAPs)

•  Community home equipment (firewalls, and cargo balancers)

•  Workstations

Provider infrastructure

•  Broadband entry techniques

•  Ethernet switches

•  Optical transport techniques

•  Routers

•  Wi-fi radio entry community (RAN) techniques

Client

•  Broadband gateways and routers

•  Gaming consoles

•  Residence information storage

•  Residence wi-fi entry factors (WAPs)

•  Private Computer systems (PCs)

•  Printers

•  Set-top packing containers

Automotive/industrial

•  Superior driver-assistance techniques (ADAS)

•  Autonomous autos (AV)

•  In-vehicle networking

•  Industrial ethernet switches

•  United States army and authorities options

•  Video surveillance

Quarterly Income Development (Unaudited) (Continued)

Three Months Ended

% Change

Income by Finish Market

(In thousands and thousands)

April 29,
2023

January 28,
2023

April 30,
2022

YoY

QoQ

Knowledge heart

$                             435.8

$                             497.6

$                             640.5

(32) %

(12) %

Enterprise networking

364.6

366.3

286.6

27 %

— %

Provider infrastructure

289.9

275.4

252.0

15 %

5 %

Client

142.1

179.8

178.5

(20) %

(21) %

Automotive/industrial

89.3

99.4

89.3

— %

(10) %

Whole Web Income

$                          1,321.7

$                          1,418.5

$                          1,446.9

(9) %

(7) %

Three Months Ended

Income by Finish Market

% of Whole

April 29,
2023

January 28,
2023

April 30,
2022

Knowledge heart

33 %

35 %

44 %

Enterprise networking

27 %

26 %

20 %

Provider infrastructure

22 %

19 %

18 %

Client

11 %

13 %

12 %

Automotive/industrial

7 %

7 %

6 %

Whole Web Income

100 %

100 %

100 %

For additional info, contact:    
Ashish Saran
Senior Vice President, Investor Relations
408-222-0777
ir@marvell.com

Marvell is a number one supplier of infrastructure semiconductor options. (PRNewsfoto/Marvell Expertise Group Ltd.)

Cision

View unique content material to obtain multimedia:https://www.prnewswire.com/news-releases/marvell-technology-inc-reports-first-quarter-of-fiscal-year-2024-financial-results-301835006.html

SOURCE Marvell