Q1 2025 Marvell Technology Inc Earnings Call Transcript
Key Points
- Marvell Technology Inc (MRVL) delivered revenue of $1.16 billion, exceeding the midpoint of guidance.
- Data center revenue grew 87% year-over-year and 7% sequentially, driven by strong demand from cloud AI applications.
- The company started shipping custom AI compute programs, contributing to revenue growth.
- Marvell's Electro-Optics portfolio and data center interconnect products saw strong demand and design wins.
- The company reduced its inventory by $200 million year-over-year, improving operational efficiency.
- Revenue from enterprise networking and carrier end markets declined due to inventory correction and soft industry demand.
- Consumer end market revenue declined 70% year-over-year and 71% sequentially, reflecting the completion of an end-of-life program.
- Automotive and industrial end market revenue declined 13% year-over-year, impacted by a broad inventory correction.
- GAAP operating margin was negative 13.1%, indicating challenges in managing operating expenses.
- Non-GAAP gross margin is expected to decrease slightly in the second quarter due to a projected change in product mix.
Good afternoon, and welcome to Marvell Technology Inc's first quarter of fiscal year 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded. And I would now like to turn the conference over to Mr. Ashish Saran, Senior Vice President of Investor Relations. Please go ahead.
Thank you, and good afternoon, everyone. Welcome to Marvell's first fiscal quarter 2025 earnings call. Joining me today are Matt Murphy, Marvell's Chairman and CEO; and Willem Meintjes, our CFO. Let me remind everyone that certain comments made today include forward-looking statements which are subject to significant risks and uncertainties that could cause our actual results to differ materially from management's current expectations.
Please review the cautionary statements and risk factors contained in our earnings press release that we filed with the SEC today and posted on our website as well as our most recent 10-K and 10-Q filings, we do not intend to
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