The sales revenue of Marvell Meiman Electronics in the third quarter was 1.537 billion US dollars, an increase of 27% over the same period last year.
CTOnews.com, December 4 (Xinhua)-- semiconductor solutions provider Marvell is now reporting financial results for the third quarter of fiscal 2023, with sales of $1.537 billion, up 27% from a year earlier but still at the bottom of the company's previously expected range.
Marvell's net profit in the third quarter of fiscal 2023 was $13 million, or $.02 per diluted share. Non-GAAP net income for the third quarter of fiscal 2023 was $492 million, or 57 cents per diluted share. CTOnews.com learned that the company had a cash flow of $411 million from operations in the quarter.
According to reports, Marvell this quarter data centers, enterprise networks, operator infrastructure and automotive and industrial terminals and other major enterprise-end market segments have achieved strong year-on-year growth, consumer business is the only decline in the segment business. Among them, the data center business Q3, which accounts for the highest revenue weight, saw revenue growth of 26% over the same period last year, while revenue from the second largest business, enterprise network business, increased by 52% year-on-year.
Matt Murphy, president and CEO of Marvell, said: "in the third quarter of fiscal 2023, we achieved sales of $1.54 billion, an all-time high for Marvell, an increase of 27% year-on-year, mainly due to key growth drivers such as cloud computing, 5G and automobiles, as well as our share of the enterprise network end market and content revenue. Inventory reductions, especially those of our Storage customers, are affecting our recent performance and performance guidance, and we are working closely with them to manage their demand changes in an orderly manner to clear the way to restore growth. Our Design Win momentum is still strong, our new cloud-optimized products are starting to grow, and we are well prepared to successfully respond to the current environment and maintain confidence in our long-term growth momentum. "
Looking ahead to the fourth quarter, Marvell expects sales to reach $140 million ±5%; GAAP gross profit margin is 49.2% ±1%; non-GAAP gross profit margin is about 64.0%. Diluted earnings per GAAP were about $0.00 per share, fluctuating up and down by $0.050, while non-GAAP diluted earnings were about $0.46 per share, or $0.050 per share.
