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Investing.com - Marvell Technology Inc (NASDAQ:MRVL) announced its results for the first quarter of the fiscal year 2025.
The company reported earnings per share (EPS) at 24 cents, while revenues came in at $1.16 billion, marking a 12% year-on-year decline.
However, revenue figures still remained $11.0 million above the mid-point of the company's guidance provided earlier in March 2024.
Marvell's Chairman and CEO Matt Murphy noted that the revenue for the first quarter was driven by higher-than-expected demand from the AI sector. The company's data center revenue saw growth of 87% year over year, thanks to the initiation of their custom AI programs and their substantial base of electro-optics revenue.
Murphy also said, "We see a favorable setup for the second half of this fiscal year, driven by continued growth in data center and the beginning of a recovery in enterprise networking and carrier infrastructure."
The company's cash flow from operations for the first quarter amounted to $324.5 million.