MARVELL TECHNOLOGY Reports Second Quarter FY2024 Financial Results
August 30, 2023
🌥️Earnings Overview
On August 24 2023, MARVELL TECHNOLOGY ($NASDAQ:MRVL) reported their financial results for the second quarter of FY2024 up to July 31 2023. The total revenue of the company was USD 1340.9 million, which indicated a drop of 11.6% year over year. Net income for this period was a loss of USD 207.5 million, a contrast to the previous year’s profit of 4.3 million.
Price History
On Thursday, MARVELL TECHNOLOGY stock opened at $64.0 and closed at $57.3, a drop of 6.8% from its previous closing price of 61.5. This downward trend in the stock’s price reflects the company’s ongoing struggles with profitability. In addition to a decrease in net income, MARVELL TECHNOLOGY also reported a decrease in gross profit for the quarter.
This indicates that the company’s costs are outpacing its revenue growth, resulting in lower profits for the quarter. The company’s management will need to take steps to reduce costs and increase revenue if it wishes to reverse this trend in future quarters. 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 conducted an analysis of MARVELL TECHNOLOGY‘s wellbeing. Based on our Risk Rating, this company is a high risk investment in terms of financial and business aspects. Our analysis uncovered 3 risk warnings in income sheet, balance sheet, and non financial categories. To view these warnings and our full Risk Rating report, register on goodwhale.com. Our analysis can help you make informed decisions and protect yourself from potential risks when making investments. 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 should take note of Marvell Technology‘s second quarter of fiscal year 2024 financial results. The company reported total revenue of USD1340.9 million, an 11.6% decrease year over year. Net income was a loss of USD207.5 million, compared to a gain of 4.3 million the prior year. The company’s stock price dropped on the same day.
Investors should assess their risk-reward goals before making any decisions to buy or sell the stock. It is important to consider other factors such as industry trends and potential growth opportunities before making any long-term investments in Marvell Technology.
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