Q2 2025 Marvell Technology Inc Earnings Call Transcript
Key Points
- Marvell Technology Inc (MRVL) delivered revenue of $1.27 billion, exceeding the midpoint of guidance.
- Non-GAAP earnings per share were $0.30, also above the midpoint of guidance.
- Data center end market revenue grew 92% year over year and 8% sequentially, driven by strong demand for electro-optics products and custom silicon.
- Strong bookings for market-leading 800 gig PAM products and 400 ZR data center interconnect products.
- Marvell Technology Inc (MRVL) is confident in its ability to maintain a leadership position in the fast-growing interconnect market, with a TAM expected to grow at a 27% CAGR to $14 billion by 2028.
- GAAP gross margin was 46.2%, indicating a decline compared to non-GAAP gross margin of 61.9%.
- GAAP operating margin was negative 7.9%, reflecting higher operating expenses.
- Revenue from the automotive and industrial end market declined 31% year over year and 2% sequentially.
- Enterprise networking and carrier revenue were flat sequentially in the second quarter, indicating slow recovery.
- Custom silicon programs, while contributing to revenue growth, have lower gross margins compared to merchant products.
Good afternoon, and welcome to Marvell Technology Inc's second-quarter of fiscal year 2025 earnings conference call. (Operator Instructions)
Please note this event is being recorded. 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 second fiscal quarter 2025 earnings calls. 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 actual results to differ materially from management's current expectations. Please review the cautionary statements and risk factors contained in our earnings press release, which 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
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