MARVELL TECHNOLOGY Reports FY2024 Q2 Earnings Results for July 31 2023
August 27, 2023
🌥️Earnings Overview
On August 24 2023, MARVELL TECHNOLOGY ($NASDAQ:MRVL) reported its earnings results for the second quarter of FY2024, ending July 31 2023. Revenue for the quarter amounted to USD 1340.9 million, 11.6% lower than the same period in the prior year. Net income for Q2 reached an unfortunate total of USD -207.5 million, representing a sharp decline from the USD 4.3 million reported a year earlier.
Price History
The stock opened trading at $64.0 and closed at $57.3, a decrease of 6.8% from the previous closing price of $61.5. This resulted in a three-month low for the company’s stock value. This is the second consecutive quarter that MARVELL TECHNOLOGY has failed to meet analysts’ estimates for sales, indicating that the company may be struggling with external factors in the competitive tech market.
This marks the third consecutive quarter of declining net income, further highlighting MARVELL TECHNOLOGY’s struggles in the technology sector. The stock has managed to remain relatively resilient throughout the year as investors remain optimistic regarding the company’s long-term prospects. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Marvell Technology. More…
| Total Revenues | Net Income | Net Margin |
| 5.62k | -378.5 | -4.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Marvell Technology. More…
| Operations | Investing | Financing |
| 1.08k | -335.8 | -941.3 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Marvell Technology. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 21.75k | 6.36k | 17.89 |
Key Ratios Snapshot
Some of the financial key ratios for Marvell Technology are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 26.1% | 7.6% | -4.3% |
| FCF Margin | ROE | ROA |
| 13.6% | -1.0% | -0.7% |
Analysis
At GoodWhale, we recently conducted an analysis of MARVELL TECHNOLOGY‘s wellbeing. After assessing the company through our Risk Rating system, we have determined that MARVELL TECHNOLOGY is a high risk investment in terms of financial and business aspects. We have detected 3 risk warnings in MARVELL TECHNOLOGY’s income sheet, balance sheet, and non financial sources. Our Risk Rating system uses a comprehensive range of data sources to score companies according to their risk exposure. We invite you to register with us to gain access to more detailed information about these risk warnings and to review our full Risk Rating report on MARVELL TECHNOLOGY. More…
Peers
Marvell Technology Inc is a fabless semiconductor company that designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. Its main competitors are Advanced Micro Devices Inc, GLOBALFOUNDRIES Inc, and Intel Corp.
– Advanced Micro Devices Inc ($NASDAQ:AMD)
Advanced Micro Devices Inc is a technology company that designs and produces semiconductor products. The company has a market capitalization of 92.39 billion as of 2022 and a return on equity of 4.13%. The company’s products are used in a variety of electronic devices, including personal computers, game consoles, and servers.
– GLOBALFOUNDRIES Inc ($NASDAQ:GFS)
GLOBALFOUNDRIES Inc is a leading provider of semiconductor manufacturing services. The company has a market cap of 28.43B as of 2022 and a Return on Equity of 5.09%. The company offers a wide range of services, including manufacturing, design, and testing. GLOBALFOUNDRIES is a trusted partner for many of the world’s leading companies.
– Intel Corp ($NASDAQ:INTC)
Intel Corporation is an American multinational corporation and technology company headquartered in Santa Clara, California, in the Silicon Valley. It is the world’s largest and highest valued semiconductor chip manufacturer based on revenue, and is the inventor of the x86 series of microprocessors, the processors found in most personal computers (PCs). Intel supplies processors for computer system manufacturers such as Apple, Lenovo, HP, and Dell. Intel also manufactures motherboard chipsets, network interface controllers and integrated circuits, flash memory, graphics chips, embedded processors and other devices related to communications and computing.
Summary
Investors have been closely monitoring Marvell Technology Group Ltd. (MRVL) after the company reported its second quarter fiscal year 2024 earnings results. Revenue for the quarter totaled USD 1340.9 million, reflecting a 11.6% decline year-over-year. Net income came in at USD -207.5 million, a sharp decrease from the same period last year’s figure of 4.3 million. The stock price reacted negatively to the news, with shares falling the same day.
Analysts remain cautious on the stock, citing the firm’s weak guidance and projected slow growth in the near future. Despite these challenges, some investors are optimistic about Marvell’s long-term prospects of success, especially given its strong presence in the semiconductor market. Ultimately, investors should conduct their own research on the stock to determine if it is a good fit for their portfolios.
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