Marvell Technology (NASDAQ:MRVL) announced its financial results for the fourth quarter and fiscal year 2024, which ended on February 3, 2024.
The company reported a net revenue of $1.427 billion for the fourth quarter, slightly above its previously provided guidance and highlighting a modest year-on-year growth.
The non-GAAP gross margin stood at 63.9%, while GAAP and non-GAAP diluted earnings per share were reported at $0.45 and $0.46, respectively.
For fiscal year 2024, Marvell's net revenue totaled $5.508 billion.
However, the company experienced a GAAP net loss of $933.4 million, translating to a loss of $1.08 per diluted share.
On the non-GAAP side, net income reached $1.310 billion, or $1.51 per diluted share.
The company also provided guidance for the first quarter of fiscal 2025, expecting net revenue of around $1.150 billion, with GAAP gross margin between 44.5% to 47.2% and non-GAAP gross margin between 62% to 63%.