Technology
Marvell Technology, Inc. Reports Second Quarter of Fiscal Year 2025 Financial Results
Published
4 months agoon
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Q2 Net Revenue: $1.273 billion, declined by (5)% year-on-yearQ2 Gross Margin: 46.2% GAAP gross margin; 61.9% non-GAAP gross marginQ2 Diluted income (loss) per share: $(0.22) GAAP diluted loss per share; $0.30 non-GAAP diluted income per share
SANTA CLARA, Calif., Aug. 29, 2024 /PRNewswire/ — Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the second quarter of fiscal year 2025.
Net revenue for the second quarter of fiscal 2025 was $1.273 billion, $23.0 million above the mid-point of the Company’s guidance provided on May 30, 2024. GAAP net loss for the second quarter of fiscal 2025 was $(193.3) million, or $(0.22) per diluted share. Non-GAAP net income for the second quarter of fiscal 2025 was $266.2 million, or $0.30 per diluted share. Cash flow from operations for the second quarter was $306.4 million.
“Marvell’s second quarter revenue grew 10% sequentially, above the mid-point of guidance driven by strong demand from AI. We saw strong growth from our electro-optics products and our custom AI programs began to ramp,” said Matt Murphy, Marvell’s Chairman and CEO. “Next quarter, we expect our combined enterprise networking and carrier end markets to return to growth, while our data center end market growth accelerates. As a result, for the third quarter of fiscal 2025, we expect all our end markets to grow sequentially, with consolidated revenue forecasted to grow 14% sequentially at the mid-point, accompanied by a significant increase in operating leverage.”
Third Quarter of Fiscal 2025 Financial Outlook
Net revenue is expected to be $1.450 billion +/- 5%.GAAP gross margin is expected to be approximately 47.2%.Non-GAAP gross margin is expected to be approximately 61%.GAAP operating expenses are expected to be approximately $693 million.Non-GAAP operating expenses are expected to be approximately $465 million.Basic weighted-average shares outstanding are expected to be 867 million.Diluted weighted-average shares outstanding are expected to be 875 million.GAAP diluted loss per share is expected to be $(0.09) +/- $0.05 per share.Non-GAAP diluted income per share is expected to be $0.40 +/- $0.05 per share.
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, August 29, 2024 at 1:45 p.m. Pacific Time to discuss results for the second quarter of fiscal year 2025. Interested parties may join the conference call without operator assistance by registering and entering their phone number at https://emportal.ink/4bYingS to receive an instant automated call back. To join the call with operator assistance, please dial 1-800-836-8184 or 1-646-357-8785. 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 1-888-660-6345 or 1-646-517-4150, passcode 45397# until Thursday, September 5, 2024.
Discussion of Non-GAAP Financial Measures
Non-GAAP financial measures exclude the effect of stock-based compensation expense, 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. Although Marvell excludes the amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and that such amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of intangible assets contributed to Marvell’s revenues earned during the periods presented and are expected to contribute to Marvell’s future period revenues as well.
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 second quarter of fiscal 2025, a non-GAAP tax rate of 7.0% 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:
Management’s evaluation of Marvell’s operating performance;Management’s establishment of internal operating budgets;Management’s performance comparisons with internal forecasts and targeted business models; andManagement’s determination of the achievement and measurement of certain performance-based equity awards (adjustments may vary from award to award).
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 Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. Words such as “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “forecasts,” “targets,” “may,” “can,” “will,” “would” and similar expressions identify such forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, the statements describing our financial outlook and future period revenues. 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: risks related to changes in general macroeconomic conditions, or expectations of such conditions, such as high or rising interest rates, macroeconomic slowdowns, recessions, inflation, and stagflation; risks related to our ability to estimate customer demand and future sales accurately; our ability to define, design, develop and market products for the Cloud, 5G markets, and Artificial Intelligence (AI) markets; risks related to higher inventory levels; risks related to cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; our dependence on a small number of customers; the risk of downturns in the semiconductor industry or our customer end markets; the impact of international conflict (such as the current armed conflicts in the Ukraine and in Israel and the Gaza Strip) and economic volatility in either domestic or foreign markets including risks related to trade conflicts or tensions, regulations, and tariffs, including but not limited to, trade restrictions imposed on our Chinese customers; our ability to retain and hire key personnel; our ability to limit costs related to defective products; risks related to our debt obligations; risks related to the rapid growth of the Company; delays or increased costs related to completing the design, development, production and introduction of our new products due to a variety of issues, including supply chain cross-dependencies, dependencies on EDA and similar tools, dependencies on the use of third-party, business partner or customer intellectual property, collaboration and synchronization requirements with business partners and customers, requirements to establish new manufacturing, testing, assembly and packing processes, and other issues; our reliance on our manufacturing partners for the manufacture, assembly, testing and packaging of our products; risks related to the ASIC business model which requires us to use third-party IP including the risk that we may lose business or experience reputational harm if third parties, including customers, lose confidence in our ability to protect their IP rights; the risks associated with manufacturing and selling products and customers’ products outside of the United States; our ability to secure design wins from our customers and prospective customers; our ability to complete and realize the anticipated benefits of any acquisitions, divestitures and investments; decreases in gross margin and results of operations in the future due to a number of factors, including high or increasing interest rates 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; risks related to use of a hybrid work model; 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; the outcome of pending or future litigation and legal and regulatory proceedings; risk related to our Sustainability program; 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; supply chain disruptions or component shortages that may impact the production of our products including our kitting process 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 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, including any consolidation of our manufacturing partners; our ability to protect our intellectual property; risks related to the impact of the COVID-19 pandemic (or future pandemics) which have impacted, and for which lingering effects may continue to impact our business, employees and operations, the transportation and manufacturing of our products, and the operations of our customers, distributors, vendors, suppliers, and partners; our maintenance of an effective system of internal controls; financial institution instability; 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 millions, except per share amounts)
Three Months Ended
Six Months Ended
August 3,
2024
May 4,
2024
July 29,
2023
August 3,
2024
July 29,
2023
Net revenue
$ 1,272.9
$ 1,160.9
$ 1,340.9
$ 2,433.8
$ 2,662.6
Cost of goods sold
685.3
633.1
819.8
1,318.4
1,584.3
Gross profit
587.6
527.8
521.1
1,115.4
1,078.3
Operating expenses:
Research and development
486.7
476.1
474.8
962.8
955.5
Selling, general and administrative
197.3
199.9
210.0
397.2
409.0
Restructuring related charges
4.0
4.1
42.0
8.1
101.9
Total operating expenses
688.0
680.1
726.8
1,368.1
1,466.4
Operating loss
(100.4)
(152.3)
(205.7)
(252.7)
(388.1)
Interest expense
(48.4)
(48.8)
(53.8)
(97.2)
(106.5)
Interest income and other, net
2.6
3.3
7.9
5.9
10.7
Interest and other loss, net
(45.8)
(45.5)
(45.9)
(91.3)
(95.8)
Loss before income taxes
(146.2)
(197.8)
(251.6)
(344.0)
(483.9)
Provision (benefit) for income taxes
47.1
17.8
(44.1)
64.9
(107.5)
Net loss
$ (193.3)
$ (215.6)
$ (207.5)
$ (408.9)
$ (376.4)
Net loss per share — basic
$ (0.22)
$ (0.25)
$ (0.24)
$ (0.47)
$ (0.44)
Net loss per share — diluted
$ (0.22)
$ (0.25)
$ (0.24)
$ (0.47)
$ (0.44)
Weighted-average shares:
Basic
865.7
865.0
860.9
865.4
858.8
Diluted
865.7
865.0
860.9
865.4
858.8
Marvell Technology, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
August 3,
2024
February 3,
2024
Assets
Current assets:
Cash and cash equivalents
$ 808.7
$ 950.8
Accounts receivable, net
1,060.1
1,121.6
Inventories
817.8
864.4
Prepaid expenses and other current assets
77.3
125.9
Total current assets
2,763.9
3,062.7
Property and equipment, net
781.5
756.0
Goodwill
11,586.9
11,586.9
Acquired intangible assets, net
3,463.4
4,004.1
Deferred tax assets
347.5
311.9
Other non-current assets
1,350.2
1,506.9
Total assets
$ 20,293.4
$ 21,228.5
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$ 453.4
$ 411.3
Accrued liabilities
763.8
1,032.9
Accrued employee compensation
200.0
262.7
Short-term debt
129.3
107.3
Total current liabilities
1,546.5
1,814.2
Long-term debt
3,996.5
4,058.6
Other non-current liabilities
545.5
524.3
Total liabilities
6,088.5
6,397.1
Stockholders’ equity:
Common stock
1.7
1.7
Additional paid-in capital
14,732.9
14,845.3
Accumulated other comprehensive income (loss)
(0.4)
1.1
Accumulated deficit
(529.3)
(16.7)
Total stockholders’ equity
14,204.9
14,831.4
Total liabilities and stockholders’ equity
$ 20,293.4
$ 21,228.5
Marvell Technology, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Three Months Ended
Six Months Ended
August 3,
2024
July 29,
2023
August 3,
2024
July 29,
2023
Cash flows from operating activities:
Net loss
$ (193.3)
$ (207.5)
$ (408.9)
$ (376.4)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
76.3
75.5
148.9
153.9
Stock-based compensation
154.9
152.8
291.4
296.0
Amortization of acquired intangible assets
275.7
271.8
540.6
541.8
Restructuring related impairment charges
1.6
21.3
2.3
31.4
Deferred income taxes
(36.1)
(87.6)
(58.3)
(226.7)
Other expense, net
11.3
8.9
33.1
21.7
Changes in assets and liabilities:
Accounts receivable
(178.2)
(208.2)
61.5
(16.9)
Prepaid expenses and other assets
135.9
(47.2)
221.7
(39.3)
Inventories
9.2
11.3
48.0
52.5
Accounts payable
93.1
18.0
34.8
(86.8)
Accrued employee compensation
33.0
1.1
(59.2)
(59.0)
Accrued liabilities and other non-current liabilities
(77.0)
102.3
(225.0)
28.7
Net cash provided by operating activities
306.4
112.5
630.9
320.9
Cash flows from investing activities:
Purchases of technology licenses
(5.2)
(0.2)
(5.7)
(3.0)
Purchases of property and equipment
(48.2)
(111.1)
(139.7)
(210.9)
Acquisitions, net of cash acquired
(0.6)
(5.5)
(10.4)
(5.5)
Other, net
1.0
(0.2)
0.9
(0.3)
Net cash used in investing activities
(53.0)
(117.0)
(154.9)
(219.7)
Cash flows from financing activities:
Repurchases of common stock
(175.0)
—
(325.0)
—
Proceeds from employee stock plans
49.3
52.9
51.6
60.4
Tax withholding paid on behalf of employees for net share settlement
(57.6)
(51.2)
(131.7)
(123.8)
Dividend payments to stockholders
(51.9)
(51.7)
(103.7)
(103.1)
Payments on technology license obligations
(35.3)
(28.6)
(65.5)
(78.6)
Proceeds from borrowings
—
50.0
—
250.0
Principal payments of debt
(21.9)
(571.8)
(43.8)
(593.7)
Net cash used in financing activities
(292.4)
(600.4)
(618.1)
(588.8)
Net decrease in cash and cash equivalents
(39.0)
(604.9)
(142.1)
(487.6)
Cash and cash equivalents at beginning of period
847.7
1,028.3
950.8
911.0
Cash and cash equivalents at end of period
$ 808.7
$ 423.4
$ 808.7
$ 423.4
Marvell Technology, Inc.
Reconciliations from GAAP to Non-GAAP (Unaudited)
(In millions, except per share amounts)
Three Months Ended
Six Months Ended
August 3,
2024
May 4,
2024
July 29,
2023
August 3,
2024
July 29,
2023
GAAP gross profit
$ 587.6
$ 527.8
$ 521.1
$ 1,115.4
$ 1,078.3
Special items:
Stock-based compensation
11.2
9.7
11.0
20.9
23.0
Amortization of acquired intangible assets
191.3
180.5
185.8
371.8
369.5
Other cost of goods sold (a)
(2.6)
6.0
90.2
3.4
129.8
Total special items
199.9
196.2
287.0
396.1
522.3
Non-GAAP gross profit
$ 787.5
$ 724.0
$ 808.1
$ 1,511.5
$ 1,600.6
GAAP gross margin
46.2 %
45.5 %
38.9 %
45.8 %
40.5 %
Stock-based compensation
0.9 %
0.8 %
0.8 %
0.9 %
0.9 %
Amortization of acquired intangible assets
15.0 %
15.5 %
13.9 %
15.3 %
13.9 %
Other cost of goods sold (a)
(0.2) %
0.6 %
6.7 %
0.1 %
4.8 %
Non-GAAP gross margin
61.9 %
62.4 %
60.3 %
62.1 %
60.1 %
Total GAAP operating expenses
$ 688.0
$ 680.1
$ 726.8
$ 1,368.1
$ 1,466.4
Special items:
Stock-based compensation
(143.7)
(126.8)
(141.8)
(270.5)
(273.0)
Restructuring related charges (b)
(4.0)
(4.1)
(42.0)
(8.1)
(101.9)
Amortization of acquired intangible assets
(84.4)
(84.4)
(86.0)
(168.8)
(172.3)
Other (c)
(0.1)
(11.0)
(9.0)
(11.1)
(12.6)
Total special items
(232.2)
(226.3)
(278.8)
(458.5)
(559.8)
Total non-GAAP operating expenses
$ 455.8
$ 453.8
$ 448.0
$ 909.6
$ 906.6
GAAP operating margin
(7.9) %
(13.1) %
(15.3) %
(10.4) %
(14.6) %
Other cost of goods sold (a)
(0.2) %
0.5 %
6.7 %
0.1 %
4.9 %
Stock-based compensation
12.2 %
11.8 %
11.4 %
12.0 %
11.1 %
Restructuring related charges (b)
0.3 %
0.4 %
3.1 %
0.3 %
3.8 %
Amortization of acquired intangible assets
21.7 %
22.8 %
20.3 %
22.2 %
20.3 %
Other (c)
— %
0.9 %
0.7 %
0.5 %
0.6 %
Non-GAAP operating margin
26.1 %
23.3 %
26.9 %
24.7 %
26.1 %
GAAP interest and other loss, net
$ (45.8)
$ (45.5)
$ (45.9)
$ (91.3)
$ (95.8)
Special items:
Other (c)
0.3
(2.4)
(8.5)
(2.1)
(8.4)
Total special items
0.3
(2.4)
(8.5)
(2.1)
(8.4)
Total non-GAAP interest and other loss, net
$ (45.5)
$ (47.9)
$ (54.4)
$ (93.4)
$ (104.2)
GAAP net loss
$ (193.3)
$ (215.6)
$ (207.5)
$ (408.9)
$ (376.4)
Special items:
Other cost of goods sold (a)
(2.6)
6.0
90.2
3.4
129.8
Stock-based compensation
154.9
136.5
152.8
291.4
296.0
Restructuring related charges (b)
4.0
4.1
42.0
8.1
101.9
Amortization of acquired intangible assets
275.7
264.9
271.8
540.6
541.8
Other (c)
0.4
8.6
0.5
9.0
4.2
Pre-tax total special items
432.4
420.1
557.3
852.5
1,073.7
Other income tax effects and adjustments (d)
27.1
2.2
(59.6)
29.3
(142.9)
Non-GAAP net income
$ 266.2
$ 206.7
$ 290.2
$ 472.9
$ 554.4
GAAP weighted-average shares — basic
865.7
865.0
860.9
865.4
858.8
GAAP weighted-average shares — diluted
865.7
865.0
860.9
865.4
858.8
Non-GAAP weighted-average shares — diluted (e)
875.7
876.0
869.4
875.9
865.3
GAAP diluted net loss per share
$ (0.22)
$ (0.25)
$ (0.24)
$ (0.47)
$ (0.44)
Non-GAAP diluted net income per share
$ 0.30
$ 0.24
$ 0.33
$ 0.54
$ 0.64
(a)
Other cost of goods sold includes charges for an intellectual property licensing claim, product claim related matters that were fully resolved in the fourth quarter of fiscal 2024, and acquisition integration related inventory costs.
(b)
Restructuring and other related items include employee severance costs, asset impairment charges, facilities related charges, and other.
(c)
Other costs in operating expenses and interest and other loss, net include gain or loss on investments and asset acquisition related costs.
(d)
Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 7.0% for the three and six months ended August 3, 2024 and three months ended May 4, 2024. Other income tax effects and adjustments are based on a non-GAAP income tax rate of 5.1% for the three months ended July 29, 2023. Other income tax effects and adjustments are based on a non-GAAP income tax rate of 6.0% for the six months ended July 29, 2023.
(e)
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 Third Quarter of Fiscal Year 2025
Reconciliations from GAAP to Non-GAAP (Unaudited)
(In millions, except per share amounts)
Outlook for Three Months Ended
November 2, 2024
GAAP net revenue
$1,450 +/- 5%
Special items:
—
Non-GAAP net revenue
$1,450 +/- 5%
GAAP gross margin
~ 47.2%
Special items:
Stock-based compensation
0.7 %
Amortization of acquired intangible assets
13.1 %
Non-GAAP gross margin
~ 61%
Total GAAP operating expenses
~ $693
Special items:
Stock-based compensation
144
Amortization of acquired intangible assets
84
Total non-GAAP operating expenses
~ $465
GAAP diluted loss per share
$(0.09) +/- $0.05
Special items:
Stock-based compensation
0.18
Amortization of acquired intangible assets
0.31
Non-GAAP diluted net income per share
$0.40 +/- $0.05
Quarterly Revenue Trend (Unaudited)
Our product solutions serve five large end markets where our technology is essential: (i) data center, (ii) enterprise networking, (iii) carrier infrastructure, (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 AI servers
• Cloud and on-premise general-purpose servers
• Cloud and on-premise storage area networks
• Cloud and on-premise storage systems
• Data center interconnect (DCI)
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
Carrier infrastructure
• Broadband access systems
• Ethernet switches
• Optical transport systems
• Routers
• Wireless radio access network (RAN) systems
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 millions)
August 3,
2024
May 4,
2024
July 29,
2023
YoY
QoQ
Data center
$ 880.9
$ 816.4
$ 459.8
92 %
8 %
Enterprise networking
151.0
153.1
327.7
(54) %
(1) %
Carrier infrastructure
75.9
71.8
275.5
(72) %
6 %
Consumer
88.9
42.0
167.7
(47) %
112 %
Automotive/industrial
76.2
77.6
110.2
(31) %
(2) %
Total Net Revenue
$ 1,272.9
$ 1,160.9
$ 1,340.9
(5) %
10 %
Three Months Ended
Revenue by End Market
% of Total
August 3,
2024
May 4,
2024
July 29,
2023
Data center
69 %
70 %
34 %
Enterprise networking
12 %
13 %
24 %
Carrier infrastructure
6 %
6 %
21 %
Consumer
7 %
4 %
13 %
Automotive/industrial
6 %
7 %
8 %
Total Net Revenue
100 %
100 %
100 %
For further information, contact:
Ashish Saran
Senior Vice President, Investor Relations
408-222-0777
ir@marvell.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/marvell-technology-inc-reports-second-quarter-of-fiscal-year-2025-financial-results-302234305.html
SOURCE Marvell
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Technology
2025 Chinese economy: robust capacity in coping with pressure and risks
Published
42 minutes agoon
December 23, 2024By
BEIJING, Dec. 22, 2024 /PRNewswire/ — A news report from China.org.cn on China’s annual Central Economic Work Conference:
From China’s annual Central Economic Work Conference held last week, one can see clear targets and detect the continuity in the rationale behind the country’s economic roadmap for 2025. The tasks listed at the conference are in line with China’s development needs in the current phase, and can to a degree respond to the external risks.
Firstly, the meeting urged efforts to vigorously boost consumption, a top-of-agenda task. Expanding domestic demand is not only a long-term priority for China, but also a coping strategy for the tougher challenges faced in exports. China’s efforts to stimulate consumption mainly fall into two categories. For one, enabling its citizens to have more to spend, by means of increasing income and alleviating burdens of low- and middle-income groups, and enabling more to enter the middle-income bracket; meanwhile, China will continue to diversify consumption scenarios, such as the debut economy, ice and snow economy and silver economy, for consumers to spend their disposable income.
Secondly, China is determined to let scientific and technological innovation drive the building of a modern industrial system, serving as a compass for China’s industrial economy development. In 2025, China is going to invest more in technological innovation, and strengthen studies in basic sciences and key core technologies, to drive industrial innovation, and furthermore achieve high standards in sci-tech self-reliance and strength.
Thirdly, China will maintain its high-level opening-up, and keep foreign trade and foreign investment stable. The size, quality and good reputation of China’s business with the world have been ever-growing, and that’s because the goal of China is to “make the cake bigger,” not “steal others’ shares of cake,” let alone “seize the whole cake.” To that end, China has improved the quality of its exports, explored new investment models, and made more countries stakeholders along the global value chain; meanwhile, it has also been ameliorating its market-access policies, and bettering the treatment of foreign-invested companies, so that more countries can benefit from the Chinese market. By November, China has removed all market access restrictions for foreign investors in the manufacturing sector, and service sectors including telecommunication and medical care are also opening their doors wider at a stable pace.
China shows great willingness to open up to the world, and boasts a good many partners; at the same time, the country’s economy has a solid foundation with many advantages, strong resilience and great potential, which means it possesses robust capacity in coping with pressure and risks.
View original content to download multimedia:https://www.prnewswire.com/news-releases/2025-chinese-economy-robust-capacity-in-coping-with-pressure-and-risks-302338092.html
SOURCE China.org.cn
Technology
India-born Avaada Group Commits $12bn to Transform Rajasthan into a Global Renewable Energy Hub
Published
42 minutes agoon
December 23, 2024By
MUMBAI, India, Dec. 23, 2024 /PRNewswire/ — Avaada Group, a leading name in the renewable energy sector, has announced an unprecedented investment of $12bn in Rajasthan, India, for accelerating green energy transition, thereby establishing the region as a global renewable energy powerhouse. This landmark announcement was made during the prestigious Rising Rajasthan 2024 Summit, attended by India’s Hon’ble Prime Minister Narendra Modi and Rajasthan’s Hon’ble Chief Minister Bhajanlal Sharma.
Highlighting Rajasthan’s strategic importance, Avaada Group’s Chairman Vineet Mittal, Guest of Honour at the event, stated, “Rajasthan’s vast solar and wind resources, coupled with the visionary leadership of the Hon’ble Prime Minister and Chief Minister, present an unparalleled opportunity to redefine the global renewable energy landscape. Avaada’s commitment of $12bn while driving green industrial manufacturing will also create millions of jobs, shaping a sustainable and inclusive future.”
Rajasthan stands out as a global hub for renewable energy, with over 142 GW of unmatched solar potential, supported by 325+ sunny days annually. The state’s pro-business policies, including the Rajasthan Investment Promotion Scheme 2024 and the Integrated Clean Energy Policy 2024, have attracted investments worth $78bn.
Avaada Group’s journey in Rajasthan began with a modest 150 MW solar project and has since evolved into multiple ventures, including one of the world’s largest single location renewable energy projects by an IPP. Key investments announced at the summit include:
1,200 MW Pumped Storage Project (PSP): A $700mn initiative to enhance energy storage and grid stability.Green Hydrogen and Ammonia Projects: Investments aimed at driving global decarbonization goals.Utility-Scale Solar and Wind Projects: Across Jhalawar, Kota, Barmer, and Bikaner, contributing significantly to India’s renewable energy targets.
With its strategic alignment to international sustainability frameworks like the EU’s Carbon Border Adjustment Mechanism (CBAM), Rajasthan offers a unique advantage for zero-carbon manufacturing and green industrial growth, positioning itself as a magnet for industries seeking sustainable operations while creating over 1mn green jobs.
“As a global renewable energy leader, Avaada is proud to participate in Rajasthan’s vision of becoming a green hub of industrial growth,” Mr. Mittal remarked. “Our investments aim to double the region’s economy by 2030, aligned with global efforts to combat climate change.”
With its strategic initiatives, Avaada Group is poised to attract international collaborations, setting a benchmark for renewable energy innovation and sustainable industrial development.
About Avaada Group
Avaada Group is a leader in the global energy transition, specializing in solar module manufacturing, renewable power generation, and the development of green hydrogen, green methanol, green ammonia, and sustainable aviation fuel projects. Under the visionary leadership of Mr. Vineet Mittal, Avaada has become a significant global player in clean energy. Avaada Energy, the group’s renewable power generation arm, aims to achieve a capacity of 11 GWp by 2026. The group’s strong execution capabilities have attracted substantial international investment, including a $1.3bn commitment in early 2023, with $1bn from Brookfield’s Energy Transition Fund and $300mn from GPSC, a subsidiary of Thailand’s PTT Group.
Contact
Kiren Srivastav
kiren.srivastav@avaada.com
Charu Sehgal
charu.sehgal@avaada.com
View original content:https://www.prnewswire.co.uk/news-releases/india-born-avaada-group-commits-12bn-to-transform-rajasthan-into-a-global-renewable-energy-hub-302337340.html
Technology
The Shining Achievements of Busan MICE in 2024
Published
42 minutes agoon
December 23, 2024By
BUSAN, South Korea, Dec. 23, 2024 /PRNewswire/ — Amid intensifying competition among MICE host cities to attract large events, 2024 saw Busan take bold steps that led to impressive results, proving its potential as a prime MICE destination. The efforts made by Busan in 2024 in attracting major international conferences, promoting ESG management, enhancing networking, and strengthening city identity are outlined below.
International Conferences Held in the Global MICE City of Busan
Busan hosted several significant international conferences in 2024. In July, it welcomed the 45th Scientific Assembly of the Committee on Space Research (COSPAR 2024), drawing around 2,700 space scientists from 60 countries to Korea. This was the first time the event was held in the country. In August, after eight years of preparation, the city hosted the 37th International Geological Congress (IGC 2024), a prestigious event with a 146-year history, at BEXCO. In November, Busan hosted the 5th Session of the UN Intergovernmental Negotiating Committee on Plastic Pollution (INC-5). With participation from 193 institutions and countries, INC-5 was the final dialogue in a series of international discussions on controlling plastic pollution, making it a crucial conference on the future health of Earth’s marine environment and placing Busan at the forefront of global attention.
Wide-ranging ESG Activities for the Sustainability of MICE
Busan’s selection to host INC-5 was made possible by its strong track record of ESG initiatives within the MICE industry. The Busan Tourism Organization (BTO) CVB’s exhibition hall was decorated using recyclable wood, and with the assistance of eco-friendly suppliers, recycling stations were set up to facilitate the collection of waste generated during the event. Aiming for a paperless conference, digital materials and multifunctional electronic platforms were also used. Continuous efforts in various ESG initiatives were made through collaborations with Busan MICE Alliance (BMA) members. Environmental reports were made, containing carbon reduction amounts for all products used at event venues and greenhouse gas reduction indicators for transportation during each event, to create more eco-friendly events.
Improvement of Busan’s MICE Network Through Communication
The Busan MICE Alliance and the Busan MICE industry, in general, grew in solidarity through strong networking this year. The BTO CVB worked to fundamentally enhance Busan’s MICE industry by increasing local demand for MICE events and maintaining an efficient collaboration network. Regular meetings of the BMA focused on the concerns of its members to improve communication. Additionally, Busan MICE Alliance Day was held to strengthen ties among members of Busan’s MICE industry, fostering discussions on industry developments both locally and internationally, and exploring joint marketing opportunities. New members were recruited into the BMA in both the first and second halves of the year, enhancing collaboration between the public and private sectors for the success of Busan’s MICE industry. The Busan MICE Business Innovation Platform, which provides users with access to news and information about Busan’s MICE industry, was launched and well-received.
Unique Venues That Capture Busan’s Local Identity
Participants in MICE events now expect more than just the exchange of knowledge. They seek a special experience, and MICE destinations should leverage their local identity to provide experiences that can only be found in their cities or regions. Recognizing this industry trend, Busan has identified a variety of unique venues that highlight the history, culture, and distinctiveness of the city. Venues such as Domoheon, the former residence of Busan’s mayor; Space OneZ, a renovated old warehouse; and Holi Lounge, offering a surfing workation, exemplify this approach. The MICE events held at these unique venues are also organized in a way that showcases the best of Busan’s local identity.
As another busy year draws to a close, Busan, as a MICE city, is looking forward to making even greater strides next year. The 18th World Congress on Computational Mechanics (WCCM) in 2028, along with many other international MICE events, are set to take place in Busan, and the BTO CVB is actively working toward this goal.
With aspirations of reaching the pinnacle of the MICE industry, Busan will continue its efforts to be a sustainable, cooperative, and unique MICE city that is globally recognized.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/the-shining-achievements-of-busan-mice-in-2024-302338095.html
SOURCE Busan Tourism Organization
2025 Chinese economy: robust capacity in coping with pressure and risks
India-born Avaada Group Commits $12bn to Transform Rajasthan into a Global Renewable Energy Hub
The Shining Achievements of Busan MICE in 2024
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