Marvell Technology
Q3 2023 Earnings Call
Dec 01, 2022, 4:45 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good afternoon, and welcome to Marvell Technology's fiscal third quarter 2023 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 -- Vice President, Investor Relations
Thank you, and good afternoon, everyone. Welcome to Marvell's third-quarter fiscal year 2023 earnings call. Joining me today are Matt Murphy, Marvell's president and CEO; and Jean Hu, our CFO. Let me remind everyone that certain comments made today may 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 the cautionary 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-K and 10-Q 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 available in the Investor Relations section of our website.
With that, I'll turn the call over to Matt for his comments on our performance. Matt?
Matt Murphy -- President and Chief Executive Officer
Thanks, Ashish, and good afternoon, everyone. In the third quarter of fiscal 2023, the Marvell team drove revenue to $1.54 billion, a record for the company, growing 27% year over year and 1% sequentially. This year-over-year growth was driven by our cloud, 5G, and auto business, as well as share and content gains in our enterprise networking end market. Our third-quarter revenue came in toward the lower end of our guidance range, and we are forecasting a sequential decline in our fourth quarter.
Early in the third quarter, we were still dealing with supply escalations. Late in the quarter, customers started requesting to push out shipments and reschedule orders to manage their inventory in a changing demand environment. In the third quarter, these inventory reductions started to manifest, and we are expecting an even greater impact in the fourth quarter. The largest impact is from our storage customers and has been widely communicated by that set of OEMs.