• Q1 Web Income: $1.322 billion, declined by 9% year-on-year

• Q1 Gross Margin: 42.2% GAAP gross margin; 60.0% non-GAAP gross margin

• Q1 Diluted earnings (loss) per share: $(0.20) GAAP diluted loss per share; $0.31 non-GAAP diluted earnings per share

SANTA CLARA, Calif., Could 25, 2023 /PRNewswire/ — Marvell Expertise, Inc. (NASDAQ: MRVL), a frontrunner in knowledge infrastructure semiconductor options, right this moment reported monetary outcomes for the primary quarter of fiscal yr 2024.

Web income for the primary quarter of fiscal 2024 was $1.322 billion, $22 million above the midpoint of the Firm’s steering offered on March 2, 2023. GAAP internet loss for the primary quarter of fiscal 2024 was $(168.9) million, or $(0.20) per diluted share. Non-GAAP internet earnings for the primary quarter of fiscal 2024 was $264 million, or $0.31 per diluted share. Money circulation from operations for the primary quarter was $208.4 million.

“We delivered first quarter fiscal 2024 income of $1.322 billion, above the midpoint of steering, and are forecasting sequential income progress within the second quarter. We expect income progress to speed up within the second half of this fiscal yr, accompanied by gross and working margin enlargement,” stated Matt Murphy, Marvell’s President and CEO. “AI has emerged as a key progress driver for Marvell, which we’re enabling with our main community connectivity merchandise and rising cloud optimized silicon platform. Whereas we’re nonetheless within the early phases of our AI ramp, we’re forecasting our AI income in fiscal 2024 to not less than double from the prior yr and proceed to develop quickly within the coming years.”

Second Quarter of Fiscal 2024 Monetary Outlook

• Web income is predicted to be $1.330 billion +/- 5%.

• GAAP gross margin is predicted to be 44.3% – 46.8%.

• Non-GAAP gross margin is predicted to be roughly 60.0% – 61.0%.

• GAAP working bills are anticipated to be roughly $694 million.

• Non-GAAP working bills are anticipated to be roughly $455 million.

• Fundamental weighted common shares excellent are anticipated to be 861 million.

• Diluted weighted common shares excellent are anticipated to be 865 million.

• GAAP diluted loss per share is predicted to be $(0.16) +/- $0.05 per share.

• Non-GAAP diluted earnings per share is predicted to be $0.32 +/- $0.05 per share.

Story continues

GAAP diluted EPS is calculated utilizing primary weighted common shares excellent when there’s a GAAP internet loss, and calculated utilizing diluted weighted common shares excellent when there’s a GAAP internet earnings. Non-GAAP diluted EPS is calculated utilizing diluted weighted common shares excellent.

Convention Name

Marvell will conduct a convention name on Thursday, Could 25, 2023 at 1:45 p.m. Pacific Time to debate outcomes for the primary quarter of fiscal 2024. events could be part of the convention name by dialing 1-888-317-6003 or 1-412-317-6061, passcode 1510543. The decision will likely be webcast and will be accessed on the Marvell Investor Relations web site at http://investor.marvell.com/. A replay of the decision will be accessed by dialing 1-877-344-7529 or 1-412-317-0088, passcode 7997301 till Thursday, June 1, 2023.

Dialogue of Non-GAAP Monetary Measures

Non-GAAP monetary measures exclude the impact of stock-based compensation expense, amortization of the stock honest worth adjustment related to acquisitions, amortization of acquired intangible belongings, acquisition and divestiture-related prices, restructuring and different associated prices (together with, however not restricted to, asset impairment prices, worker severance prices, and amenities associated prices), decision of authorized issues, and sure bills and advantages which are pushed primarily by discrete occasions that administration doesn’t think about to be straight associated to Marvell’s core enterprise. Though Marvell excludes the amortization of all acquired intangible belongings from these non-GAAP monetary measures, administration believes that it is necessary for traders to know that such intangible belongings have been recorded as a part of buy worth accounting arising from acquisitions, and that such amortization of intangible belongings that relate to previous acquisitions will recur in future durations till such intangible belongings have been totally amortized. Buyers ought to notice that the usage of intangible belongings contributed to Marvell’s revenues earned in the course of the durations offered and are anticipated to contribute to Marvell’s future interval revenues as properly.

Marvell makes use of a non-GAAP tax price to compute the non-GAAP tax provision. This non-GAAP tax price relies on Marvell’s estimated annual GAAP earnings tax forecast, adjusted to account for objects excluded from Marvell’s non-GAAP earnings, in addition to the consequences of serious non-recurring and interval particular tax objects which range in dimension and frequency, and excludes tax deductions and advantages from acquired tax loss and credit score carryforwards and modifications in valuation allowance on acquired deferred tax belongings. Marvell’s non-GAAP tax price is set on an annual foundation and could also be adjusted in the course of the yr to keep in mind occasions which will materially have an effect on the non-GAAP tax price comparable to tax regulation modifications; acquisitions; important modifications in Marvell’s geographic mixture of income and bills; or modifications to Marvell’s company construction. For the primary quarter of fiscal 2024, a non-GAAP tax price of seven.0% has been utilized to the non-GAAP monetary outcomes.

Marvell believes that the presentation of non-GAAP monetary measures supplies essential supplemental data to administration and traders relating to monetary and enterprise tendencies regarding Marvell’s monetary situation and outcomes of operations. Whereas Marvell makes use of non-GAAP monetary measures as a device to reinforce its understanding of sure points of its monetary efficiency, Marvell doesn’t think about these measures to be an alternative choice to, or superior to, monetary measures calculated in accordance with GAAP. In line with this strategy, Marvell believes that disclosing non-GAAP monetary measures to the readers of its monetary statements supplies such readers with helpful supplemental knowledge that, whereas not an alternative choice to GAAP monetary measures, permits for higher transparency within the evaluation of its monetary and operational efficiency.

Externally, administration believes that traders could discover Marvell’s non-GAAP monetary measures helpful of their evaluation of Marvell’s working efficiency and the valuation of Marvell. Internally, Marvell’s non-GAAP monetary measures are used within the following areas:

• Administration’s analysis of Marvell’s working efficiency;

• Administration’s institution of inner working budgets;

• Administration’s efficiency comparisons with inner forecasts and focused enterprise fashions; and

• Administration’s dedication of the achievement and measurement of sure performance-based fairness awards (changes could range from award to award).

Non-GAAP monetary measures have limitations in that they don’t mirror all the prices related to the operations of Marvell’s enterprise as decided in accordance with GAAP. In consequence, you shouldn’t think about these measures in isolation or as an alternative choice to evaluation of Marvell’s outcomes as reported beneath GAAP. The exclusion of the above objects from our GAAP monetary metrics doesn’t essentially imply that these prices are uncommon or rare.

Ahead-Trying Statements beneath the Non-public Securities Litigation Reform Act of 1995

This press launch accommodates forward-looking statements throughout the that means of the federal securities legal guidelines that contain dangers and uncertainties. Phrases comparable to “anticipates,” “expects,” “intends,” “plans,” “tasks,” “believes,” “seeks,” “estimates,” “can,” “could,” “will,” “would,” “outlook,” “forecast,” “targets” and related expressions establish such forward-looking statements. Ahead-looking statements contained on this press launch embody, however are usually not restricted to, the statements describing our monetary outlook and future interval revenues. These statements are usually not ensures of outcomes and shouldn’t be thought-about as a sign of future exercise or future efficiency. Ahead-looking statements are predictions, projections and different statements about future occasions which are primarily based on present expectations and assumptions and, in consequence, are topic to dangers and uncertainties. Precise occasions or outcomes could differ materially from these described on this press launch as a result of various dangers and uncertainties, together with, however not restricted to: dangers associated to modifications basically macroeconomic circumstances, or expectations of such circumstances, comparable to rising rates of interest, macroeconomic slowdowns, recessions, inflation, and stagflation; dangers associated to our potential to estimate buyer demand and future gross sales precisely; dangers associated to greater stock ranges; dangers associated to cancellations, rescheduling or deferrals of serious buyer orders or shipments, in addition to the flexibility of our clients to handle stock; the danger of downturns within the semiconductor business or our buyer finish markets; our potential to outline, design and develop merchandise for the Cloud and 5G markets, in addition to for Synthetic Intelligence (AI) options; our potential to retain and rent key personnel; dangers associated to the speedy progress of the Firm;  dangers associated to make use of of a hybrid work mannequin; delays or elevated prices associated to finishing the design, improvement, manufacturing and introduction of our new merchandise as a result of a wide range of points, together with provide chain cross-dependencies, dependencies on EDA and related instruments, dependencies on the usage of third get together, enterprise associate or buyer mental property, collaboration and synchronization necessities with enterprise companions and clients, necessities to determine new manufacturing, testing, meeting and packing processes, and different points; our dependence on a small variety of clients; our reliance on our manufacturing companions for the manufacture, meeting, testing and packaging of our merchandise; dangers associated to the ASIC enterprise mannequin which requires us to make use of third-party IP together with the danger that we could lose enterprise or expertise reputational hurt if third events, together with clients, lose confidence in our potential to guard their IP rights; the impression of worldwide battle and financial volatility in both home or overseas markets together with dangers associated to commerce conflicts or tensions, rules, and tariffs, together with however not restricted to, restrictions imposed on our Chinese language clients; the dangers related to manufacturing and promoting merchandise and clients’ merchandise exterior of the US; our potential to safe design wins from our clients and potential clients; our potential to market our 5G merchandise to Tier 1 infrastructure clients; our potential to finish and notice the anticipated advantages of any acquisitions, divestitures and investments; decreases in gross margin and outcomes of operations sooner or later as a result of various elements, together with rising rates of interest and volatility in overseas trade charges; extreme monetary hardship or chapter of a number of of our main clients; our potential to understand the anticipated advantages from restructuring actions; the consequences of transitioning to smaller geometry course of applied sciences; the impression of any change within the earnings tax legal guidelines in jurisdictions the place we function and the lack of any helpful tax remedy that we presently take pleasure in; our potential to restrict prices associated to faulty merchandise; dangers associated to our debt obligations; the end result of pending or future litigation and authorized and regulatory proceedings; threat associated to our ESG program; the impression and prices related to modifications in worldwide monetary and regulatory circumstances; dangers associated to the impression of the COVID-19 pandemic which have impacted, and for which lingering results could proceed to impression our enterprise, workers and operations, the transportation and manufacturing of our merchandise, and the operations of our clients, distributors, distributors, suppliers, and companions; provide chain disruptions or element shortages which will impression the manufacturing of our merchandise together with our kitting course of or could impression the worth of elements which in flip could impression our margins on any impacted merchandise and any constrained availability from different digital suppliers impacting our clients’ potential to ship their merchandise, which in flip could adversely impression our gross sales to these clients; our potential and the flexibility of our clients to efficiently compete within the markets by which we serve; our potential and our clients’ potential to develop new and enhanced merchandise and the adoption of these merchandise available in the market; monetary establishment instability; our potential to precisely categorize our merchandise by finish markets; our potential to scale our operations in response to modifications in demand for current or new services; dangers related to acquisition and consolidation exercise within the semiconductor business, together with any consolidation of our manufacturing companions; our potential to guard our mental property; our upkeep of an efficient system of inner controls; and different dangers detailed in our SEC filings on occasion. The foregoing listing of things will not be exhaustive. You need to fastidiously think about the foregoing elements and the opposite dangers and uncertainties that have an effect on our enterprise described within the “Danger Components” part of our Annual Reviews on Type 10-Okay, Quarterly Reviews on Type 10-Q and different paperwork filed by us on occasion with the SEC. Ahead-looking statements converse solely as of the date they’re made. Readers are cautioned to not put undue reliance on forward-looking statements, and we assume no obligation and don’t intend to replace or revise these forward-looking statements, whether or not on account of new data, future occasions or in any other case.

About Marvell

To ship the info infrastructure expertise that connects the world, we’re constructing options on probably the most highly effective basis: our partnerships with our clients. Trusted by the world’s main expertise firms for over 25 years, we transfer, retailer, course of and safe the world’s knowledge with semiconductor options designed for our clients’ present wants and future ambitions. By way of a strategy of deep collaboration and transparency, we’re finally altering the best way tomorrow’s enterprise, cloud, automotive, and provider architectures rework—for the higher.

Marvell® and the Marvell emblem are registered logos of Marvell and/or its associates.

Marvell Expertise, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(In hundreds of thousands, besides per share quantities)

Three Months Ended

April 29,
2023

January 28,
2023

April 30,
2022

Web income

$      1,321.7

$      1,418.5

$      1,446.9

Value of products offered

764.5

745.2

696.0

Gross revenue

557.2

673.3

750.9

Working bills:

Analysis and improvement

480.7

443.1

444.1

Promoting, normal and administrative

199.0

203.4

235.7

Restructuring associated prices

59.9

3.5

1.3

Complete working bills

739.6

650.0

681.1

Working earnings (loss)

(182.4)

23.3

69.8

Curiosity earnings

2.5

2.5

0.5

Curiosity expense

(52.7)

(49.3)

(36.3)

Different earnings, internet

0.3

0.3

5.2

Curiosity and different loss, internet

(49.9)

(46.5)

(30.6)

Revenue (loss) earlier than earnings taxes

(232.3)

(23.2)

39.2

Provision (profit) for earnings taxes

(63.4)

(7.8)

204.9

Web loss

$       (168.9)

$         (15.4)

$       (165.7)

Web loss per share — primary

$         (0.20)

$         (0.02)

$         (0.20)

Web loss per share — diluted

$         (0.20)

$         (0.02)

$         (0.20)

Weighted common shares:

Fundamental

856.7

854.1

848.0

Diluted

856.7

854.1

848.0

Marvell Expertise, Inc.
Condensed Consolidated Stability Sheets (Unaudited)
(In hundreds of thousands)

April 29,
2023

January 28,
2023

Belongings

Present belongings:

Money and money equivalents

$           1,028.3

$              911.0

Accounts receivable, internet

1,000.9

1,192.2

Inventories

1,026.0

1,068.3

Pay as you go bills and different present belongings

147.7

109.6

Complete present belongings

3,202.9

3,281.1

Property and tools, internet

636.2

577.4

Goodwill

11,586.9

11,586.9

Acquired intangible belongings, internet

4,832.0

5,102.0

Deferred tax belongings

608.2

465.9

Different non-current belongings

1,407.0

1,508.8

Complete belongings

$         22,273.2

$         22,522.1

Liabilities and Stockholders’ Fairness

Present liabilities:

Accounts payable

$              388.4

$              465.8

Accrued liabilities

970.8

1,092.0

Accrued worker compensation

184.6

244.5

Quick-term debt

1,517.6

584.4

Complete present liabilities

3,061.4

2,386.7

Lengthy-term debt

3,154.9

3,907.7

Different non-current liabilities

563.0

590.5

Complete liabilities

6,779.3

6,884.9

Stockholders’ fairness:

Widespread inventory

1.7

1.7

Extra paid-in capital

14,589.9

14,512.0

Collected different complete loss

(0.9)

—

Retained earnings

903.2

1,123.5

Complete stockholders’ fairness

15,493.9

15,637.2

Complete liabilities and stockholders’ fairness

$         22,273.2

$         22,522.1

Marvell Expertise, Inc.

Condensed Consolidated Statements of Money Flows (Unaudited)

(In hundreds of thousands)

Three Months Ended

April 29,
2023

April 30,
2022

Money flows from working actions:

Web loss

$            (168.9)

$            (165.7)

Changes to reconcile internet loss to internet money offered by working actions:

Depreciation and amortization

78.4

75.7

Inventory-based compensation

143.2

131.1

Amortization of acquired intangible belongings

270.0

272.5

Amortization of stock honest worth adjustment related to acquisitions

—

9.3

Restructuring associated impairment prices

10.1

0.9

Deferred earnings taxes

(139.1)

165.0

Different expense, internet

12.8

5.8

Adjustments in belongings and liabilities, internet of acquisitions:

Accounts receivable

191.3

(139.5)

Pay as you go bills and different belongings

7.9

(142.9)

Inventories

41.2

(125.8)

Accounts payable

(104.8)

61.4

Accrued worker compensation

(60.1)

(50.0)

Accrued liabilities and different non-current liabilities

(73.6)

97.0

Web money offered by working actions

208.4

194.8

Money flows from investing actions:

Purchases of expertise licenses

(2.8)

(1.6)

Purchases of property and tools

(99.8)

(36.9)

Acquisitions, internet of money acquired

—

(44.0)

Different, internet

(0.1)

0.1

Web money utilized in investing actions

(102.7)

(82.4)

Money flows from financing actions:

Repurchases of widespread inventory

—

(15.0)

Proceeds from worker inventory plans

7.5

2.5

Tax withholding paid on behalf of workers for internet share settlement

(72.6)

(137.6)

Dividend funds to stockholders

(51.4)

(50.9)

Funds on expertise license obligations

(50.0)

(49.0)

Proceeds from borrowings

200.0

—

Principal funds of debt

(21.9)

(10.9)

Web money offered by (utilized in) financing actions

11.6

(260.9)

Web improve (lower) in money and money equivalents

117.3

(148.5)

Money and money equivalents at starting of interval

911.0

613.5

Money and money equivalents at finish of interval

$           1,028.3

$              465.0

Marvell Expertise, Inc.

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In hundreds of thousands, besides per share quantities)

Three Months Ended

April 29,
2023

January 28,
2023

April 30,
2022

GAAP gross revenue:

$     557.2

$     673.3

$     750.9

Particular objects:

Inventory-based compensation

12.0

9.5

12.4

Amortization of acquired intangible belongings

183.7

185.4

174.4

Different value of products offered (a)

39.6

32.4

9.3

Complete particular objects

235.3

227.3

196.1

Non-GAAP gross revenue

$     792.5

$     900.6

$     947.0

GAAP gross margin

42.2 %

47.5 %

51.9 %

Non-GAAP gross margin

60.0 %

63.5 %

65.5 %

Complete GAAP working bills

$     739.6

$     650.0

$     681.1

Particular objects:

Inventory-based compensation

(131.2)

(121.2)

(118.7)

Restructuring associated prices (b)

(59.9)

(3.5)

(1.3)

Amortization of acquired intangible belongings

(86.3)

(87.8)

(98.1)

Different (c)

(3.6)

(6.8)

(27.7)

Complete particular objects

(281.0)

(219.3)

(245.8)

Complete non-GAAP working bills

$     458.6

$     430.7

$     435.3

GAAP working margin

(13.8) %

1.6 %

4.8 %

Different value of products offered (a)

3.0 %

2.3 %

0.6 %

Inventory-based compensation

10.8 %

9.2 %

9.1 %

Restructuring associated prices (b)

4.5 %

0.2 %

0.1 %

Amortization of acquired intangible belongings

20.4 %

19.3 %

18.8 %

Different (c)

0.3 %

0.5 %

2.0 %

Non-GAAP working margin 

25.2 %

33.1 %

35.4 %

GAAP curiosity and different loss, internet

$      (49.9)

$      (46.5)

$      (30.6)

Particular objects:

Different (c)

0.1

(1.8)

(4.1)

Complete particular objects

0.1

(1.8)

(4.1)

Complete non-GAAP curiosity and different loss, internet

$      (49.8)

$      (48.3)

$      (34.7)

GAAP internet loss

$   (168.9)

$      (15.4)

$   (165.7)

Particular objects:

Different value of products offered (a)

39.6

32.4

9.3

Inventory-based compensation

143.2

130.7

131.1

Restructuring associated prices (b)

59.9

3.5

1.3

Amortization of acquired intangible belongings

270.0

273.2

272.5

Different (c)

3.7

5.0

23.6

Pre-tax complete particular objects

516.4

444.8

437.8

Different earnings tax results and changes (d)

(83.3)

(33.1)

176.3

Non-GAAP internet earnings

$     264.2

$     396.3

$     448.4

GAAP weighted common shares — primary

856.7

854.1

848.0

GAAP weighted common shares — diluted

856.7

854.1

848.0

Non-GAAP weighted common shares — diluted (e)

861.2

859.0

861.4

GAAP diluted internet loss per share

$      (0.20)

$      (0.02)

$      (0.20)

Non-GAAP diluted internet earnings per share

$        0.31

$        0.46

$        0.52

(a)

Different value of products offered contains amortization of acquired stock honest worth changes, acquisition integration associated stock prices, and prices for an mental property licensing matter.

(b)

Restructuring and different associated objects embody worker severance prices, asset impairment prices, amenities associated prices, and different.

(c)

Different contains acquisition associated prices and prices associated to settlement of a contractual dispute.

(d)

Different earnings tax results and changes are primarily based on a non-GAAP earnings tax price of seven.0% for the three months ended April 29, 2023 and 6.0% for the three months ended January 28, 2023 and April 30, 2022. Within the three months ended January 28, 2023, $18.3 million of non-recurring earnings tax expense is excluded and pertains to the claw again of incentive advantages that resulted from the election of a preferential non permanent tax provision in Israel. Moreover, in the course of the three months ended April 30, 2022, $213.6 million of non-recurring earnings tax expense related to the extension of a tax incentive in Singapore was excluded from non-GAAP earnings tax expense.

(e)

Non-GAAP diluted weighted common shares differs from GAAP diluted weighted common shares as a result of non-GAAP internet earnings reported.

 Marvell Expertise, Inc.

 Outlook for the Second Quarter of Fiscal 12 months 2024

Reconciliations from GAAP to Non-GAAP (Unaudited)

 (In hundreds of thousands, besides per share quantities)

Outlook for Three Months Ended

July 29, 2023

GAAP internet income

$1,330 +/- 5%

Particular objects:

—

Non-GAAP internet income

$1,330 +/- 5%

GAAP gross margin

44.3% – 46.8%

Particular objects:

Inventory-based compensation

0.8 %

Amortization of acquired intangible belongings

14.1 %

Non-GAAP gross margin

60% – 61%

Complete GAAP working bills

~ $694

Particular objects:

Inventory-based compensation

148

Amortization of acquired intangible belongings

86

Restructuring associated prices

3

Different

2

Complete non-GAAP working bills

~ $455

GAAP diluted internet loss per share

 $(0.16) +/- $0.05

Particular objects:

Inventory-based compensation

0.18

Amortization of acquired intangible belongings

0.31

     Restructuring associated prices and different

0.01

Different earnings tax results and changes

(0.02)

Non-GAAP diluted internet earnings per share

$0.32 +/- $0.05

Quarterly Income Pattern (Unaudited)

Our product options serve 5 massive finish markets the place our expertise is important: (i) knowledge middle, (ii) enterprise networking, (iii) provider infrastructure, (iv) client, and (v) automotive/industrial. These markets and their corresponding buyer merchandise and functions are famous within the desk under:

Finish market

Buyer merchandise and functions

Knowledge middle

•  Cloud and on-premise Synthetic intelligence (AI) methods

•  Cloud and on-premise ethernet switching

•  Cloud and on-premise network-attached storage (NAS)

•  Cloud and on-premise servers

•  Cloud and on-premise storage space networks

•  Cloud and on-premise storage methods

•  Knowledge middle interconnect (DCI)

Enterprise networking

•  Campus and small medium enterprise routers

•  Campus and small medium enterprise ethernet switches

•  Campus and small medium enterprise wi-fi entry factors (WAPs)

•  Community home equipment (firewalls, and cargo balancers)

•  Workstations

Service infrastructure

•  Broadband entry methods

•  Ethernet switches

•  Optical transport methods

•  Routers

•  Wi-fi radio entry community (RAN) methods

Shopper

•  Broadband gateways and routers

•  Gaming consoles

•  Dwelling knowledge storage

•  Dwelling wi-fi entry factors (WAPs)

•  Private Computer systems (PCs)

•  Printers

•  Set-top bins

Automotive/industrial

•  Superior driver-assistance methods (ADAS)

•  Autonomous automobiles (AV)

•  In-vehicle networking

•  Industrial ethernet switches

•  United States army and authorities options

•  Video surveillance

Quarterly Income Pattern (Unaudited) (Continued)

Three Months Ended

% Change

Income by Finish Market

(In hundreds of thousands)

April 29,
2023

January 28,
2023

April 30,
2022

YoY

QoQ

Knowledge middle

$                             435.8

$                             497.6

$                             640.5

(32) %

(12) %

Enterprise networking

364.6

366.3

286.6

27 %

— %

Service infrastructure

289.9

275.4

252.0

15 %

5 %

Shopper

142.1

179.8

178.5

(20) %

(21) %

Automotive/industrial

89.3

99.4

89.3

— %

(10) %

Complete Web Income

$                          1,321.7

$                          1,418.5

$                          1,446.9

(9) %

(7) %

Three Months Ended

Income by Finish Market

% of Complete

April 29,
2023

January 28,
2023

April 30,
2022

Knowledge middle

33 %

35 %

44 %

Enterprise networking

27 %

26 %

20 %

Service infrastructure

22 %

19 %

18 %

Shopper

11 %

13 %

12 %

Automotive/industrial

7 %

7 %

6 %

Complete Web Income

100 %

100 %

100 %

For additional data, contact:    
Ashish Saran
Senior Vice President, Investor Relations
408-222-0777
ir@marvell.com

Marvell is a number one supplier of infrastructure semiconductor options. (PRNewsfoto/Marvell Expertise Group Ltd.)

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SOURCE Marvell