Marvell reports Q3 adjusted EPS 57c, consensus 59c

Reports Q3 revenue $1.54B, consensus $1.56B. "In the third quarter of fiscal 2023, we delivered revenue of $1.54 billion, a record for Marvell, growing 27 percent year over year driven by our key growth drivers of cloud, 5G and automotive, as well as share and content gains in our enterprise networking end market," said Matt Murphy, Marvell’s President and CEO. "Inventory reductions, in particular at our storage customers, are impacting our near-term results and guidance, and we are working closely with them to manage their change in demand in an orderly fashion to clear the path to a resumption of growth. Our design win pipeline remains strong, our new cloud-optimized products are starting to ramp, and we are well positioned to navigate the current environment successfully and remain confident in our long-term growth drivers."