Marvell Technology, Inc. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q3 FY2021 revenue was 750 million dollars, up 3 percent sequentially and 13 percent year over year.
  • Non-GAAP earnings per share were 25 cents, up 19 percent sequentially and 47 percent year over year.
  • Networking revenue grew strongly to 445 million dollars, up 10 percent sequentially and 35 percent year over year.
  • Storage revenue was 276 million dollars, down 5 percent sequentially due to weaker Fibre Channel demand.
  • Marvell expects Q4 revenue of about 785 million dollars at the midpoint, up approximately 9 percent year over year and 13 percent year over year for the ongoing business when adjusted for the prior Wi-Fi divestiture.

Strategic Highlights

  • Company announced its planned acquisition of Inphi, which management expects to accelerate growth in cloud and 5G markets.
  • Investor Day outlined the strategy to grow within a 110 billion dollar data infrastructure market; Marvell currently serves 16 billion dollars of that total addressable market.
  • Company expects to expand its base of 100 million dollar plus annual customers to 13 within a few years.
  • Strong positioning around 5-nanometer platforms and pending deep integration opportunities with Inphi in cloud and 5G optics, ASICs, and DPUs.

Business Segment Updates

Networking

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Operator: Ladies and gentlemen, thank you for standing by, and welcome to the Q3 Fiscal 2021 Marvell Technology Group Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker, Mr. Ashish Saran, Vice President, Investor Relations. Please go ahead. Ashish Saran: Thank you, and good afternoon, everyone. Welcome to Marvell’s third quarter fiscal year 2021 earnings call. Joining me today are Matt Murphy, Marvell’s President and CEO; and Jean Hu, our CFO. I would like to remind everyone that certain comments made today may 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 the cautionary 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-K and 10-Q 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 available on our website in the Investor Relations section. With that, I’ll turn the call over to M

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