Marvell Technology, Inc. Revenue & Financials

Revenue fell from $6.5 billion in fiscal 2023 to $5.56 billion in fiscal 2024 — a counterintuitive decline for a company positioned in the fastest-growing segment of the semiconductor market. The explanation is inventory correction in enterprise networking, carrier infrastructure, and legacy storage, businesses that compressed while the data center segment was accelerating. The fiscal 2024 revenue number masks a divergence: one set of businesses declining sharply while another set was growing rapidly. Net income reached $618 million in fiscal 2024 against $5.56 billion in revenue. Market capitalization of $72 billion reflects the projected fiscal 2025 and 2026 data center revenue trajectory, not the trailing twelve months. Fiscal 2025 AI-related revenue was projected to exceed $2 billion, driven by custom ASIC production for Amazon and Google and PAM4 DSP sales into the hyperscale optical interconnect market. R&D expenditure exceeded $1.6 billion in fiscal 2024, representing nearly 29% of revenue. Custom silicon design wins at Amazon and Google require non-recurring engineering fees often exceeding $50 million per design — costs Marvell charges to the hyperscaler while retaining the intellectual property and the manufacturing relationship with TSMC. The financial structure of each custom win is front-loaded on NRE fees, then transitions to volume revenue as production scales. Revenue was $5.52 billion in fiscal 2022, $6.5 billion in fiscal 2023, and $5.56 billion in fiscal 2024. The trajectory is not linear. But the data center composition shift — from a minority of revenue to over 65% — is the financial fact that explains a $72 billion valuation on $5.56 billion in trailing revenue.