Marvell Technology, Inc. (NASDAQ:MRVL) Q2 2025 Earnings Call Transcript August 29, 2024 4:45 PM ET

Company Participants

Ashish Saran - SVP of IR
Matt Murphy - Chairman and CEO
Willem Meintjes - CFO

Conference Call Participants

Tore Svanberg - Stifel
Toshiya Hari - Goldman Sachs
Timothy Arcuri - UBS
Ross Seymore - Deutsche Bank
Vivek Arya - Bank of America
Matt Ramsay - TD Cowen
Christopher Rolland - Susquehanna
Harlan Sur - JPMorgan
Aaron Rakers - Wells Fargo
Srinivas Pajjuri - Raymond James
Quinn Bolton - Needham
Harsh Kumar - Piper Sandler
Karl Ackerman - BNP Paribas

Operator

Good afternoon and welcome to Marvell Technology, Inc.'s Second Quarter of Fiscal Year 2025 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Mr. Ashish Saran, Senior Vice President of Investor Relations. Please go ahead.

Ashish Saran

Thank you and good afternoon, everyone. Welcome to Marvell's second fiscal quarter 2025 earnings call. Joining me today are Matt Murphy, Marvell's Chairman and CEO; and Willem Meintjes, our CFO.

Let me remind everyone that certain comments made today include forward-looking statements, which are subject to significant risks and uncertainties that could cause our actual results to differ materially from management's current expectations. Please review precautionary statements and risk factors contained in our earnings press release, which we filed with the SEC today and posted on our website, as well as our most recent 10-Q and 10-K filings. We do not intend to update our forward-looking statements.

During our call today, we will refer to certain non-GAAP financial measures. A reconciliation between our GAAP and non-GAAP financial measures is also available in our earnings press release.

Let me now turn the call over to Matt for his comments on the quarter. Matt?

Matt Murphy

Thanks, Ashish, and good afternoon everyone. For the second quarter of fiscal 2025, Marvell delivered revenue of $1.27 billion, above the midpoint of guidance driven primarily by strong demand from our data center end market. Higher revenue combined with disciplined expense control drove non-GAAP earnings per share of $0.30, also above the midpoint of guidance. Revenue in the second quarter grew by 10% sequentially, and we are projecting significantly higher sequential growth for the third quarter, with all our end markets expected to grow. Achieving the midpoint of our third quarter guidance would also result in a return to year-over-year revenue growth for Marvell.