Marvell Technology Q3 Earnings Beat Estimates, Revenues Rise Y/Y

Core Insights - Marvell Technology, Inc. reported third-quarter fiscal 2026 earnings of 76 cents per share, exceeding the Zacks Consensus Estimate by 1.3%, and showing a significant year-over-year increase of 76.7% from 43 cents per share last year [1] - The company's revenues for the third quarter reached $2.08 billion, surpassing the Zacks Consensus Estimate by 0.61%, and reflecting a year-over-year growth of 36.8% from $1.52 billion [2] Revenue Breakdown - Data center revenues amounted to $1.52 billion, marking a 37.8% year-over-year increase and 1.8% sequential growth, contributing 73.2% of total revenues [4] - Enterprise networking revenues rose 57% year over year and 23% sequentially to $237.2 million, accounting for 11.4% of total revenues [5] - Carrier infrastructure revenues increased 98% year over year and 29% sequentially to $167.8 million, representing 8.1% of total revenues [6] - Automotive/Industrial revenues declined 58% year over year and 54% sequentially to $35 million, contributing 2% of total revenues [7] - Consumer revenues grew 21% year over year and 1% sequentially to $116.6 million, representing 6% of total revenues [8] Operating Performance - Non-GAAP gross profit was $1.24 billion, a 35% increase year over year, with a non-GAAP gross margin of 59.7%, expanding 30 basis points sequentially but contracting 80 basis points year over year [9] - Non-GAAP operating expenses totaled $485 million, slightly up from $466.9 million in the previous year, while the non-GAAP operating margin improved to 36.3%, expanding 660 basis points year over year [9] Future Guidance - For the fourth quarter, Marvell Technology expects revenues to be approximately $2.20 billion (+/- 5%), indicating an 18.52% year-over-year improvement [11] - The projected non-GAAP gross margin is in the range of 58.5-59.5%, with estimated non-GAAP operating expenses of around $515 million [12] - Non-GAAP earnings per share for the fiscal fourth quarter are projected to be $0.79 (+/- $0.05), reflecting a 74.4% year-over-year improvement [12]