Marvell Technology Inc (NASDAQ:MRVL) stock fell 2.07% (As on Mar 4, 11:26:00 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 22. Non-GAAP net income for the fourth quarter of fiscal 2022 was $429 million.
MRVL in the fourth quarter of FY 22 has reported the adjusted earnings per share of 50 cents, beating the analysts’ estimates for the adjusted earnings per share of 48 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 68 percent to $1.34 billion in the fourth quarter of FY 22, beating the analysts’ estimates for revenue by 1.46%. The Marvell team continued to rack up design wins, securing additional sockets at key customers leveraging the advanced technology platforms. The revenue grew in all five of the end markets in the fourth quarter, with strong contributions from cloud, 5G and auto, which together represented 40% of total revenue. In addition, the enterprise networking end market has become another growth pillar, with revenue increasing 64% year over year, driven by the content gains and share increases, as enterprises continue to transform their infrastructure to address the needs of a more flexible, hybrid workforce.
For the First Quarter of Fiscal 2023, the company expects net revenue to be $1.425 billion +/- 3%, Non-GAAP gross margin is expected to be 65% to 66%, Non-GAAP operating expenses are expected to be $430 million to $435 million and Non-GAAP diluted income per share is expected to be $0.51 +/- $0.03 per share.
On the other hand, the company has recently announced that it has begun volume shipments of its Spica 800G PAM4 DSP platform for optical interconnects. As the first PAM4 DSP supplier to achieve this production milestone, Marvell is enabling customers to start commercial deployment of 800G optical modules in cloud data center and AI network applications. Spica is the industry’s first 800Gbps PAM4 DSP to support 800G optical modules in QSFP-DD800 and OSFP form factors. The complete Spica 800G platform includes Marvell’s proven, low-power PAM4 DSP technology as well as a selection of integrated laser drivers and TIAs. Marvell’s high-speed PAM4 DSP platforms are the industry’s leading force in building a comprehensive PAM4 ecosystem and developing high-performance, low-power solutions for hyperscale data centers, cloud-based AI, carrier and enterprise networks, and 5G infrastructure.
In addition, the company announced that it has begun volume shipments of the Marvell COLORZ II 400ZR module. 400ZR is an interoperable standard with broad industry support.