Marvell Technology, Inc. Reports Fourth Quarter and Fiscal Year 2022 Financial Results
[ Back ]   [ More News ]   [ Home ]
Marvell Technology, Inc. Reports Fourth Quarter and Fiscal Year 2022 Financial Results

- Q4 Net Revenue: $1.343 billion, grew by 68% year-on-year

SANTA CLARA, Calif., March 3, 2022 — (PRNewswire) —  Marvell Technology, Inc. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today reported financial results for the fourth fiscal quarter and the full fiscal year, ended January 29, 2022.

Net revenue for the fourth quarter of fiscal 2022 was $1.343 billion, which exceeded the midpoint of the Company's guidance provided on December 2, 2021. GAAP net income for the fourth quarter of fiscal 2022 was $6 million, or $0.01 per diluted share. Non-GAAP net income for the fourth quarter of fiscal 2022 was $429 million, or $0.50 per diluted share. Cash flow from operations for the fourth quarter was $346 million.

Net revenue for fiscal 2022 was $4.462 billion. GAAP net loss for fiscal 2022 was $(421) million, or $(0.53) per diluted share. Non-GAAP net income for fiscal 2022 was $1.279 billion, or $1.57 per diluted share.

"Marvell delivered record revenue of $1.34 billion in the fourth quarter of fiscal 2022, growing 11 percent sequentially and 68 percent year over year, exceeding the midpoint of guidance. The Marvell team continued to rack up design wins, securing additional sockets at key customers leveraging our advanced technology platforms," said Matt Murphy, Marvell's President and CEO. "Revenue grew in all five of our end markets in the fourth quarter, with strong contributions from cloud, 5G and auto, which together represented 40% of total revenue. In addition, our enterprise networking end market has become another growth pillar, with revenue increasing 64% year over year, driven by our content gains and share increases, as enterprises continue to transform their infrastructure to address the needs of a more flexible, hybrid workforce."

First Quarter of Fiscal 2023 Financial Outlook

GAAP diluted EPS is calculated using basic weighted average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted average shares outstanding when there is a GAAP net income.  Non-GAAP diluted EPS is calculated using diluted weighted average shares outstanding.

Conference Call

Marvell will conduct a conference call on Thursday, March 3, 2022 at 1:45 p.m. Pacific Time to discuss results for the fourth quarter and full fiscal year 2022. Interested parties may join the conference call by dialing 1-888-317-6003 or 1-412-317-6061, passcode 8988123. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/.  A replay of the call can be accessed by dialing 1-877-344-7529 or 1-412-317-0088, passcode 5140079 until Thursday, March 10, 2022.

Discussion of Non-GAAP Financial Measures

Non-GAAP financial measures exclude the effect of share-based compensation expense, amortization of the inventory fair value adjustment associated with acquisitions, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, employee severance costs, and facilities related charges), resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core business.

Marvell uses a non-GAAP tax rate to compute the non-GAAP tax provision. This non-GAAP tax rate is based on Marvell's estimated annual GAAP income tax forecast, adjusted to account for items excluded from Marvell's non-GAAP income, as well as the effects of significant non-recurring and period specific tax items which vary in size and frequency, and excludes tax deductions and benefits from acquired tax loss and credit carryforwards and changes in valuation allowance on acquired deferred tax assets. Marvell's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate such as tax law changes; acquisitions; significant changes in Marvell's geographic mix of revenue and expenses; or changes to Marvell's corporate structure. For the fourth quarter of fiscal 2022, a non-GAAP tax rate of 5.0% has been applied to the non-GAAP financial results.

Marvell believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Marvell's financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance.

Externally, management believes that investors may find Marvell's non-GAAP financial measures useful in their assessment of Marvell's operating performance and the valuation of Marvell. Internally, Marvell's non-GAAP financial measures are used in the following areas:

Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell's results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent.

Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "can," "may," "will," "would," "outlook," "forecast," "targets" and similar expressions identify such forward-looking statements. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: failure to realize all of the anticipated benefits of the transactions with Inphi and Innovium on a timely basis, including as a result of our ability to successfully integrate the businesses of Marvell, Inphi and Innovium or due to unexpected costs or liabilities as a result of the transactions; our ability to retain and hire key personnel; risks related to the rapid growth of the Company; risks related to the impact of the COVID-19 pandemic which have impacted, and may continue to impact our business and operations, the transportation and manufacturing of our products, and the operations of our customers, distributors, vendors, suppliers, and partners; the impact of COVID-19, or other future pandemics, on the U.S. and global economies; disruptions caused by COVID-19, including as a result of restrictions that may be imposed by us or third parties, resulting in worker absenteeism, turnover, quarantines and restrictions on our employees' ability to work, innovate, collaborate, and travel; the effects that the current credit and market conditions caused by, or resulting from, COVID-19 could have on the liquidity and financial condition of us and our customers and suppliers, including any impact on the ability to meet contractual obligations; supply chain disruptions or component shortages that may impact the production of our products or may impact the price of components which in turn may impact our margins on any impacted products and any constrained availability from other electronic suppliers impacting our customers' ability to ship their products, which in turn may adversely impact our sales to those customers; our reliance on our manufacturing partners for the manufacture, assembly and testing of our products; the impact of international conflict and economic volatility in either domestic or foreign markets including risks related to trade conflicts, regulations, and tariffs, including but not limited to, restrictions imposed on our Chinese customers; the risks associated with manufacturing and selling products and customers' products outside of the United States; our ability to define, design and develop products for the Cloud and 5G markets; our ability to secure design wins from our customers and prospective customers; our ability to market our 5G products to Tier 1 infrastructure customers; the stockholder dilution and other effects on us from, and our ability to complete (on a timely basis or at all) and realize the anticipated benefits of, announced or future acquisitions, divestitures and investments; cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; our ability to estimate customer demand and future sales accurately; decreases in gross margin and results of operations in the future due to a number of factors, including inflation and volatility in foreign exchange rates; severe financial hardship or bankruptcy of one or more of our major customers; our ability to realize the expected benefits from restructuring activities; the effects of transitioning to smaller geometry process technologies; the impact of any change in the income tax laws in jurisdictions where we operate and the loss of any beneficial tax treatment that we currently enjoy; our ability to limit costs related to defective products; the risk of downturns in the semiconductor industry; risks related to our debt obligations; the outcome of pending or future litigation and legal and regulatory proceedings; risk related to our ESG program; our dependence on a small number of customers; the impact and costs associated with changes in international financial and regulatory conditions; our ability and the ability of our customers to successfully compete in the markets in which we serve; our ability and our customers' ability to develop new and enhanced products and the adoption of those products in the market; our ability to accurately categorize our products by end markets; our ability to scale our operations in response to changes in demand for existing or new products and services; risks associated with acquisition and consolidation activity in the semiconductor industry; our ability to protect our intellectual property; our maintenance of an effective system of internal controls; and other risks detailed in our SEC filings from time to time. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business described in the "Risk Factors" section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

About Marvell

To deliver the data infrastructure technology that connects the world, we're building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world's leading technology companies for over 25 years, we move, store, process and secure the world's data with semiconductor solutions designed for our customers' current needs and future ambitions. Through a process of deep collaboration and transparency, we're ultimately changing the way tomorrow's enterprise, cloud, automotive, and carrier architectures transform—for the better.

Marvell® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.

 

 

Marvell Technology, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)















Three Months Ended


Year Ended



January 29,
2022


October 30,
2021


January 30,
2021


January 29,
2022


January 30,
2021

Net revenue


$  1,342,978


$  1,211,245


$   797,819


$ 4,462,383


$ 2,968,900

Cost of goods sold


656,544


623,425


376,687


2,398,158


1,480,550

Gross profit


686,434


587,820


421,132


2,064,225


1,488,350












Operating expenses:











Research and development


399,269


371,894


260,380


1,424,306


1,072,740

Selling, general and administrative


251,212


243,406


116,918


955,245


467,240

Legal settlement (a)




36,000



36,000

Restructuring related charges


1,301


5,861


9,570


32,342


170,759

Total operating expenses


651,782


621,161


422,868


2,411,893


1,746,739

Operating income (loss)


34,652


(33,341)


(1,736)


(347,668)


(258,389)

Interest income


189


189


356


750


2,599

Interest expense


(34,963)


(35,423)


(20,733)


(139,341)


(69,264)

Other income (loss), net


2,196


999


(727)


2,764


2,886

Interest and other income (loss), net


(32,578)


(34,235)


(21,104)


(135,827)


(63,779)

Income (loss) before income taxes


2,074


(67,576)


(22,840)


(483,495)


(322,168)

Benefit for income taxes


(4,094)


(5,044)


(39,376)


(62,461)


(44,870)

Net income (loss)


$        6,168


$    (62,532)


$     16,536


$   (421,034)


$   (277,298)












Net income (loss) per share - basic


$          0.01


$        (0.08)


$         0.02


$         (0.53)


$         (0.41)












Net income (loss) per share - diluted


$          0.01


$        (0.08)


$         0.02


$         (0.53)


$         (0.41)












Weighted average shares:











Basic


844,419


828,635


673,529


796,855


668,772

Diluted


862,062


828,635


687,959


796,855


668,772


(a) Represents a legal settlement relating to a commercial agreement.


 

 

Marvell Technology, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)









January 29,
2022


January 30,
2021

Assets





Current assets:





Cash and cash equivalents


$         613,533


$         748,467

Accounts receivable, net


1,048,583


536,668

Inventories


720,331


268,228

Prepaid expenses and other current assets


111,003


63,782

Total current assets


2,493,450


1,617,145

Property and equipment, net


462,773


326,125

Goodwill


11,511,129


5,336,961

Acquired intangible assets, net


6,153,422


2,270,700

Deferred tax assets


493,508


672,424

Other non-current assets


994,315


541,569

Total assets


$    22,108,597


$    10,764,924






Liabilities and Stockholders' Equity





Current liabilities:





Accounts payable


$         461,509


$         252,419

Accrued liabilities


622,561


435,616

Accrued employee compensation


241,306


189,421

Short-term debt


63,166


199,641

Total current liabilities


1,388,542


1,077,097

Long-term debt


4,484,811


993,170

Other non-current liabilities


533,147


258,853

Total liabilities


6,406,500


2,329,120






Stockholders' equity:





Common stock


1,692


1,350

Additional paid-in capital


14,209,047


6,331,013

Retained earnings


1,491,358


2,103,441

Total stockholders' equity


15,702,097


8,435,804

Total liabilities and stockholders' equity


$    22,108,597


$    10,764,924


 

 

Marvell Technology, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)




Three Months Ended


Year Ended



January 29, 2022


January 30,
2021


January 29, 2022


January 30, 2021

Cash flows from operating activities:









Net income (loss)


$          6,168


$       16,536


$    (421,034)


$    (277,298)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:









Depreciation and amortization


76,257


47,990


265,934


197,912

Share-based compensation


134,757


59,479


460,679


241,539

Amortization of acquired intangible assets


294,784


109,682


979,377


443,616

Amortization of inventory fair value adjustment associated with acquisitions


3,243



194,273


17,284

Amortization of deferred debt issuance costs and debt discounts


2,526


6,809


21,557


10,026

Restructuring related impairment charges


995


7,344


6,200


130,903

Deferred income taxes


(26,324)


(39,906)


(93,894)


(39,491)

Other expense, net


9,110


5,475


69,163


24,923

Changes in assets and liabilities:









Accounts receivable


(67,635)


(46,397)


(409,079)


(44,322)

Inventories


(91,211)


96


(291,886)


29,913

Prepaid expenses and other assets


(96,467)


(32,942)


(161,806)


(41,634)

Accounts payable


(631)


4,895


93,157


39,663

Accrued liabilities and other non-current liabilities


84,152


17,795


77,148


44,612

Accrued employee compensation


16,599


1,439


29,579


39,641

Net cash provided by operating activities


346,323


158,295


819,368


817,287

Cash flows from investing activities:









Purchases of technology licenses


(8,426)


(4,232)


(17,797)


(12,708)

Purchases of property and equipment


(38,841)


(18,556)


(169,324)


(106,798)

Acquisitions, net of cash acquired


(15,207)



(3,554,936)


Other, net


(616)


(361)


(3,073)


(138)

Net cash used in investing activities


(63,090)


(23,149)


(3,745,130)


(119,644)

Cash flows from financing activities:









Repurchases of common stock





(25,202)

Proceeds from employee stock plans


41,700


36,145


84,484


86,635

Tax withholding paid on behalf of employees for net share settlement


(136,656)


(25,468)


(305,657)


(108,094)

Dividend payments to stockholders


(50,731)


(40,463)


(191,049)


(160,574)

Payments on technology license obligations


(36,577)


(23,224)


(134,435)


(100,018)

Proceeds from issuance of debt


90,000



3,896,096


Principal payments of debt


(100,938)


(150,000)


(526,876)


(250,000)

Payment for repurchases and settlement of convertible notes




(181,207)


Proceeds from capped calls




160,319


Payment of equity and debt financing costs



(15,710)


(11,850)


(38,023)

Other, net




1,003


(1,504)

Net cash provided by (used in) financing activities


(193,202)


(218,720)


2,790,828


(596,780)

Net increase (decrease) in cash and cash equivalents


90,031


(83,574)


(134,934)


100,863

Cash and cash equivalents at beginning of period


523,502


832,041


748,467


647,604

Cash and cash equivalents at end of period


$     613,533


$     748,467


$     613,533


$     748,467

 


Marvell Technology, Inc.
Reconciliations from GAAP to Non-GAAP (Unaudited)
(In thousands, except per share amounts)














Three Months Ended


Year Ended



January 29,
2022


October 30, 2021


January 30,
2021


 

January 29,
2022


 

January 30,
2021

GAAP gross profit:


$ 686,434


$  587,820


$                    421,132


$  2,064,225


$  1,488,350

Special items:











Share-based compensation


9,243


9,370


4,265


31,081


16,320

Amortization of acquired intangible assets


178,725


169,691


83,327


609,481


338,197

Other cost of goods sold (a)


2,490


21,470


796


193,523


35,284

Total special items


190,458


200,531


88,388


834,085


389,801

Non-GAAP gross profit


$ 876,892


$  788,351


$                    509,520


$  2,898,310


$  1,878,151












GAAP gross margin


51.1 %


48.5 %


52.8 %


46.3 %


50.1 %

Non-GAAP gross margin


65.3 %


65.1 %


63.9 %


64.9 %


63.3 %


































Total GAAP operating expenses


$ 651,782


$  621,161


$                    422,868


$  2,411,893


$  1,746,739

Special items:











Share-based compensation


(125,514)


(109,720)


(55,214)


(446,464)


(225,219)

Restructuring related charges (b)


(1,301)


(5,861)


(9,570)


(32,342)


(170,759)

Amortization of acquired intangible assets


(116,059)


(109,591)


(26,355)


(369,896)


(105,419)

Legal settlement (c)




(36,000)



(36,000)

Other operating expenses (d)


(19,043)


(25,460)


(12,480)


(130,135)


(49,498)

Total special items


(261,917)


(250,632)


(139,619)


(978,837)


(586,895)

Total non-GAAP operating expenses


$ 389,865


$  370,529


$                    283,249


$  1,433,056


$  1,159,844


































GAAP operating margin


2.6 %


(2.8) %


(0.2) %


(7.8) %


(8.7) %

Other cost of goods sold (a)


0.2 %


1.8 %


0.1 %


4.3 %


1.2 %

Share-based compensation


10.0 %


9.8 %


7.5 %


10.7 %


8.1 %

Restructuring related charges (b)


0.1 %


0.5 %


1.2 %


0.7 %


5.8 %

Amortization of acquired intangible assets


22.0 %


23.1 %


13.7 %


21.9 %


14.9 %

Legal settlement (c)


— %


—  %


4.5 %


— %


1.2 %

Other operating expenses (d)


1.4 %


2.1 %


1.6 %


3.0 %


1.7 %

Non-GAAP operating margin 


36.3 %


34.5 %


28.4 %


32.8 %


24.2 %


































GAAP interest and other income (loss), net


$  (32,578)


$ (34,235)


$                   (21,104)


$                     (135,827)


$  (63,779)

Special items:











      Debt issuance related costs and other (e)


(3,196)


(98)


6,017


16,629


5,902

Total special items


(3,196)


(98)


6,017


16,629


5,902

Total non-GAAP interest and other income (loss), net


$  (35,774)


$ (34,333)


$                   (15,087)


$                     (119,198)


$  (57,877)


































GAAP net income (loss)


$     6,168


$ (62,532)


$ 16,536


$                     (421,034)


$                     (277,298)

Special items:











Other cost of goods sold (a)


2,490


21,470


796


193,523


35,284

Share-based compensation


134,757


119,090


59,479


477,545


241,539

Restructuring related charges (b)


1,301


5,861


9,570


32,342


170,759

Legal settlement (c)




36,000



36,000

Other operating expenses (d)


19,043


25,460


12,480


130,135


49,498

Amortization of acquired intangible assets


294,784


279,282


109,682


979,377


443,616

Debt issuance related costs and other (e)


(3,196)


(98)


6,017


16,629


5,902

Pre-tax total special items


449,179


451,065


234,024


1,829,551


982,598

Other income tax effects and adjustments (f)


(26,657)


(24,218)


(49,936)


(129,763)


(77,893)

Non-GAAP net income


$ 428,690


$  364,315


$                    200,624


$  1,278,754


$ 627,407


































GAAP weighted average shares — basic


844,419


828,635


673,529


796,855


668,772

GAAP weighted average shares — diluted


862,062


828,635


687,959


796,855


668,772

Non-GAAP weighted average shares — diluted (g)


862,062


845,937


687,959


813,094


679,944












GAAP diluted net income (loss) per share


$        0.01


$     (0.08)


$      0.02


$       (0.53)


$       (0.41)

Non-GAAP diluted net income per share


$        0.50


$      0.43


$      0.29


$        1.57


$        0.92



(a)

Other costs of goods sold includes amortization of acquired inventory fair value adjustments.



(b)

Restructuring and other related items include asset impairment charges, employee severance costs, facilities related charges, and other.



(c)

Represents a legal settlement relating to a commercial agreement.



(d)

Other operating expenses include integration and merger costs associated with acquisitions.



(e)

Debt issuance related costs and other includes the partial term loan repayment and bridge financing.



(f)

Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 5.0%.



(g)

Non-GAAP diluted weighted average shares differs from GAAP diluted weighted average shares due to the non-GAAP net income reported.

 

 

Marvell Technology, Inc.
Outlook for the First Quarter of Fiscal Year 2023
Reconciliations from GAAP to Non-GAAP (Unaudited)
(In millions, except per share amounts)






Outlook for Three Months Ended

April 30, 2022

GAAP net revenue

 $1,425 +/- 3%

Special items:

Non-GAAP net revenue

$1,425 +/- 3%



GAAP gross margin

49.6% - 50.6%

Special items:


Share-based compensation

0.7%

Amortization of acquired intangible assets

12.9%

Other costs of goods sold

1.8%

Non-GAAP gross margin

65% - 66%



Total GAAP operating expenses

$667 - $677

Special items:


Share-based compensation

121

Amortization of acquired intangible assets

99

Restructuring related charges

4

Other operating expenses

15

Total non-GAAP operating expenses

$430 - $435





GAAP diluted net income per share

 $0.01 +/- $0.04

Special items:


Share-based compensation

0.15

Amortization of acquired intangible assets

0.33

Other cost of goods sold

0.03

Other operating expenses

0.02

Other income tax effects and adjustments

(0.03)

Non-GAAP diluted net income per share

$0.51 +/- $0.03

Quarterly Revenue Trend (Unaudited)

Our product solutions serve five large end markets where our technology is essential: (i) data center, (ii) carrier infrastructure, (iii) enterprise networking, (iv) consumer, and (v) automotive/industrial. These markets and their corresponding customer products and applications are noted in the table below:

End market

Customer products and applications

Data center

•          Cloud and on-premise Artificial intelligence (AI) systems

•          Cloud and on-premise ethernet switching

•          Cloud and on-premise network-attached storage (NAS)

•          Cloud and on-premise servers

•          Cloud and on-premise storage area networks

•          Cloud and on-premise storage systems

•          Data center interconnect (DCI)

Carrier infrastructure

•          Digital Subscriber Line Access Multiplexers (DSLAMs)

•          Ethernet switches

•          Optical transport systems

•          Routers

•          Wireless radio access network (RAN) systems

Enterprise networking

•          Campus and small medium enterprise routers

•          Campus and small medium enterprise ethernet switches

•          Campus and small medium enterprise wireless access points (WAPs)

•          Network appliances (firewalls, and load balancers)

•          Workstations

Consumer

•          Broadband gateways and routers

•          Gaming consoles

•          Home data storage

•          Home wireless access points (WAPs)

•          Personal Computers (PCs)

•          Printers

•          Set-top boxes

Automotive/industrial

•          Advanced driver-assistance systems (ADAS)

•          Autonomous vehicles (AV)

•          In-vehicle networking

•          Industrial ethernet switches

•          United States military and government solutions

•          Video surveillance

 

Quarterly Revenue Trend (Unaudited) (Continued)



Three Months Ended


% Change

Revenue by End Market (In thousands)

January 29,
2022


October 30,
2021


January 30,
2021


YoY


QoQ

Data center

$                         574,108


$                         499,748


$                         269,180


113 %


15 %

Carrier infrastructure

241,047


215,108


166,258


45 %


12 %

Enterprise networking

262,950


247,210


160,719


64 %


6 %

Consumer

185,404


182,535


167,697


11 %


2 %

Automotive/industrial

79,469


66,644


33,965


134 %


19 %

Total Net Revenue

$                     1,342,978


$                     1,211,245


$                         797,819


68 %


11 %

 






Three Months Ended

Revenue by End Market % of Total





January 29,
2022


October 30,
2021


January 30,
2021

Data center





43 %


41 %


34 %

Carrier infrastructure





18 %


18 %


21 %

Enterprise networking





19 %


20 %


20 %

Consumer





14 %


15 %


21 %

Automotive/industrial





6 %


6 %


4 %

Total Net Revenue





100 %


100 %


100 %

 

For further information, contact:
Ashish Saran
Vice President, Investor Relations
408-222-0777
ir@marvell.com

 

Marvell is a leading provider of infrastructure semiconductor solutions. (PRNewsfoto/Marvell Technology Group Ltd.)

 

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/marvell-technology-inc-reports-fourth-quarter-and-fiscal-year-2022-financial-results-301495340.html

SOURCE Marvell

Contact:
Company Name: Marvell
Financial data for Marvell