Marvell Technology, Inc. Q2 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q2 FY2025 revenue: $1.273 billion (up 10% Q/Q, down 5% Y/Y). Above midpoint of guidance.
  • Non‑GAAP EPS: $0.30 (up 25% Q/Q; above midpoint of guidance).
  • Data Center revenue: $881 million (record high; +92% Y/Y, +8% Q/Q; now 69% of total revenue).
  • All end markets expected to return to sequential growth in Q3.
  • Q3 revenue guidance midpoint: $1.45 billion (up 14% Q/Q). EPS midpoint: $0.40 (up 33% Q/Q).

Data Center & AI Business

  • AI-led momentum continues strongly: both custom silicon and electro‑optics exceeding expectations.
  • Strong demand for 800G PAM4, 400ZR DCI; 200G per‑lane (1.6T) optical DSP shipments beginning in Q3.
  • Expansion into AEC DSPs, PCIe Gen6 PAM4 retimers, silicon photonics, long‑reach DCI modules.
  • Custom silicon ramp accelerating: two AI chips now in volume production, more programs in development.
  • AI revenue targets previously set: $1.5B for FY2025 and $2.5B for FY2026; management now expects to “significantly exceed” both.
  • CXL platform progressing; new families launched to address memory bandwidth/capacity bottlenecks.
  • Microsoft integrating Marvell’s FIPS 140 L3 LiquidSecurity hardware in Azure Key Vault.

Other End Markets

Enterprise Networking

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Operator: Good afternoon and welcome to Marvell Technology, Inc.'s Second Quarter of Fiscal Year 2025 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. 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. Ashish Saran: Thank you and good afternoon, everyone. Welcome to Marvell's second fiscal quarter 2025 earnings call. 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 our actual results to differ materially from management's current expectations. Please review precautionary 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-Q and 10-K filings. We do not intend to update our forward-looking statements. During our call today, we will refer to certain non-GAAP financial measures. A reconciliation between our GAAP and non-GAAP financial measures is also available in our earnings press release. Let me now turn the call over to Matt for his comments on the quarter. Matt? Matt Murphy: Thanks, Ashish, and good afternoon everyone. For the

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