Marvell Technology Non-GAAP EPS of $0.57 beats by $0.01, revenue of $1.52B in-line
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Marvell Technology press release (NASDAQ:MRVL): Q2 Non-GAAP EPS of $0.57  beats by $0.01.
Revenue of $1.52B (+41% Y/Y) in-line.
51.8% GAAP gross margin; 65.0% non-GAAP gross margin.

Q3 2023 Guidance: Net revenue is expected to be $1.560 billion +/- 3%, vs. consensus of $1.58B.

GAAP gross margin is expected to be 51.1% +/- 1.1%.
Non-GAAP gross margin is expected to be 65.0% +/- 0.25%.
GAAP operating expenses are expected to be $667 million to $677 million.
Non-GAAP operating expenses are expected to be $435 million to $440 million.
GAAP diluted income per share is expected to be $0.09 +/- $0.04 per share.
Non-GAAP diluted income per share is expected to be $0.59 +/- $0.03 per share, vs. consensus of $0.61.
"This was the 9th straight quarter of sequential revenue growth, and we are guiding for growth to continue in the third quarter, as we expand our leadership in data infrastructure," said Matt Murphy, Marvell's President and CEO. "Looking ahead, we expect sequential revenue growth to accelerate in the fourth quarter as supply constraints begin to ease. We believe we are well positioned to continue to benefit from our favorable end market exposure tied to strong secular growth trends and significant expected upcoming revenue contributions from a number of Marvell-specific product ramps."
Shares -6%.