Marvell beats by $0.01, beats on revs; guides Q4 EPS in-line, revs in-line
4:11 PM ET 11/30/23 | Briefing.com
Reports Q3 (Oct) earnings of $0.41 per share, excluding non-recurring items, $0.01 better than the FactSet Consensus of $0.40; revenues fell 7.7% year/year to $1.42 bln vs the $1.40 bln FactSet Consensus.Data Center segment sales fell 11% yr/yr but rose 21% sequentially to $555.8 mln, this is above guidance of growth in the mid-teens sequentially.Enterprise Networking segment sales fell 28% yr/yr and fell 17% sequentially to $271.1 mln. The company had expected a low-teens sequential decline in Q3.Carrier Infrastructure segment sales grew 17% yr/yr and grew 15% sequentially to $316.5 mln. Co had guided to CI segment revs growing low single-digits sequentially, driven by wireless.Consumer segment revenue fell 5% yr/yr but rose 1% sequentially to $168.7 mln.Automotive/Industrial segment revenue rose 26% yr/yr but fell 3% sequentially to $106.5 mln.Co issues in-line guidance for Q4 (Jan), sees EPS of $0.41-0.51, excluding non-recurring items, vs. $0.49 FactSet Consensus; sees Q4 revs of $1.349-1.491 bln vs. $1.46 bln FactSet Consensus."Revenue from our datacenter end market grew over 20% sequentially in the third quarter, and we expect growth of over 30% sequentially in our fourth quarter," said Matt Murphy, Marvell's Chairman and CEO. "The diversification of our portfolio is serving us well, with strong growth from AI and cloud carrying us through a softening demand environment in other end markets. These dynamics are reflected in our forecast for overall revenue to be flat sequentially in the fourth quarter at the midpoint of guidance." |
