Reports Q4 revenue $1.42B, consensus $1.4B. "Marvell delivered record revenue of $5.92B in FY23, growing 33% year over year driven by strong growth from cloud, 5G, auto and enterprise networking. In 4Q23, we achieved revenue of $1.419B, growing 6% year over year, above the midpoint of guidance, driven by better-than-forecasted results from our datacenter end market," said CEO Matt Murphy. "While inventory corrections and resulting changes in product mix are impacting our guidance for Q1 revenue and gross margin, we expect these headwinds to subside later in FY24, as inventory levels normalize, and Marvell-specific growth drivers accelerate."
Published first on TheFly
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