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SANTA CLARA, Calif. , Dec. 3, 2024 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2025. Net revenue for the third quarter of fiscal 2025 was $1.516 billion , $66 .0 million above the mid-point of the Company's guidance provided on August 29, 2024 . GAAP net loss for the third quarter of fiscal 2025 was $(676.3) million, or $(0.78) per diluted share. Non-GAAP net income for the third quarter of fiscal 2025 was $373 .0 million, or $0.43 per diluted share. Cash flow from operations for the third quarter was $536.3 million . "Marvell's fiscal third quarter 2025 revenue grew 19% sequentially, well above the mid-point of our guidance, driven by strong demand from AI. For the fourth quarter, we are forecasting another 19% sequential revenue growth at the midpoint of guidance, while year-over-year, we expect revenue growth to accelerate significantly to 26%, marking the beginning of a new era of growth for Marvell," said Matt Murphy , Marvell's Chairman and CEO. "The exceptional performance in the third quarter, and our strong forecast for the fourth quarter, are primarily driven by our custom AI silicon programs, which are now in volume production, further augmented by robust ongoing demand from cloud customers for our market-leading interconnect products. We look forward to a strong finish to this fiscal year and expect substantial momentum to continue in fiscal 2026." Fourth Quarter of Fiscal 2025 Financial Outlook Net revenue is expected to be $1.800 billion +/- 5%. GAAP gross margin is expected to be approximately 50%. Non-GAAP gross margin is expected to be approximately 60%. GAAP operating expenses are expected to be approximately $710 million . Non-GAAP operating expenses are expected to be approximately $480 million . Basic weighted-average shares outstanding are expected to be 867 million. Diluted weighted-average shares outstanding are expected to be 877 million. GAAP diluted net income per share is expected to be $0.16 +/- $0.05 per share. Non-GAAP diluted net income per share is expected to be $0.59 +/- $0.05 per share. GAAP diluted EPS is calculated using basic weighted-average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted-average shares outstanding when there is a GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted-average shares outstanding. Conference Call Marvell will conduct a conference call on Tuesday, December 3, 2024 at 1:45 p.m. Pacific Time to discuss results for the third quarter of fiscal year 2025. Interested parties may join the conference call without operator assistance by registering and entering their phone number at https://emportal.ink/4fngg8m to receive an instant automated call back. To join the call with operator assistance, please dial 1-800-836-8184 or 1-646-357-8785. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ . A replay of the call can be accessed by dialing 1-888-660-6345 or 1-646-517-4150, passcode 47973# until Tuesday, December 10, 2024 . Discussion of Non-GAAP Financial Measures Non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, recognition of future contractual obligations, employee severance costs, and facilities related charges), resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core business. Although Marvell excludes the amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and that such amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of intangible assets contributed to Marvell's revenues earned during the periods presented and are expected to contribute to Marvell's future period revenues as well. Marvell uses a non-GAAP tax rate to compute the non-GAAP tax provision. This non-GAAP tax rate is based on Marvell's estimated annual GAAP income tax forecast, adjusted to account for items excluded from Marvell's non-GAAP income, as well as the effects of significant non-recurring and period specific tax items which vary in size and frequency, and excludes tax deductions and benefits from acquired tax loss and credit carryforwards and changes in valuation allowance on acquired deferred tax assets. Marvell's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate such as tax law changes; acquisitions; significant changes in Marvell's geographic mix of revenue and expenses; or changes to Marvell's corporate structure. For the third quarter of fiscal 2025, a non-GAAP tax rate of 7.0% has been applied to the non-GAAP financial results. Marvell believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Marvell's financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. Externally, management believes that investors may find Marvell's non-GAAP financial measures useful in their assessment of Marvell's operating performance and the valuation of Marvell. Internally, Marvell's non-GAAP financial measures are used in the following areas: Management's evaluation of Marvell's operating performance; Management's establishment of internal operating budgets; Management's performance comparisons with internal forecasts and targeted business models; and Management's determination of the achievement and measurement of certain types of compensation including Marvell's annual incentive plan and certain performance-based equity awards (adjustments may vary from award to award). Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell's results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent. Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "forecasts," "targets," "may," "can," "will," "would" and similar expressions identify such forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, the statements describing our financial outlook and future period revenues. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: risks related to changes in general macroeconomic conditions, or expectations of such conditions, such as high or rising interest rates, macroeconomic slowdowns, recessions, inflation, and stagflation; risks related to our ability to estimate customer demand and future sales accurately; our ability to define, design, develop and market products for the Cloud, 5G markets, and Artificial Intelligence (AI) markets; risks related to our dependence on a few customers for a significant portion of our revenue, particularly as our major customers comprise an increasing percentage of our revenue, as well as risks related to a significant portion of our sales being concentrated in the data center end market; risks related to higher inventory levels; risks related to cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; our ability to realize the expected benefits from restructuring activities; the risk of downturns in the semiconductor industry or our customer end markets; the impact of international conflict (such as the current armed conflicts in the Ukraine and in Israel and the Gaza Strip ) and economic volatility in either domestic or foreign markets including risks related to trade conflicts or tensions, regulations, and tariffs, including but not limited to, trade restrictions imposed on our Chinese customers; our ability to retain and hire key personnel; our ability to limit costs related to defective products; risks related to our debt obligations; risks related to the rapid growth of the Company; delays or increased costs related to completing the design, development, production and introduction of our new products due to a variety of issues, including supply chain cross-dependencies, dependencies on EDA and similar tools, dependencies on the use of third-party, business partner or customer intellectual property, collaboration and synchronization requirements with business partners and customers, requirements to establish new manufacturing, testing, assembly and packing processes, and other issues; our reliance on our manufacturing partners for the manufacture, assembly, testing and packaging of our products; risks related to the ASIC business model which requires us to use third-party IP including the risk that we may lose business or experience reputational harm if third parties, including customers, lose confidence in our ability to protect their IP rights; the risks associated with manufacturing and selling products and customers' products outside of the United States ; our ability to secure design wins from our customers and prospective customers; our ability to complete and realize the anticipated benefits of any acquisitions, divestitures and investments; decreases in gross margin and results of operations in the future due to a number of factors, including high or increasing interest rates and volatility in foreign exchange rates; severe financial hardship or bankruptcy of one or more of our major customers; the effects of transitioning to smaller geometry process technologies; risks related to use of a hybrid work model; the impact of any change in the income tax laws in jurisdictions where we operate and the loss of any beneficial tax treatment that we currently enjoy; the outcome of pending or future litigation and legal and regulatory proceedings; risk related to our Sustainability program; the impact and costs associated with changes in international financial and regulatory conditions; our ability and the ability of our customers to successfully compete in the markets in which we serve; our ability and our customers' ability to develop new and enhanced products and the adoption of those products in the market; supply chain disruptions or component shortages that may impact the production of our products including our kitting process or may impact the price of components which in turn may impact our margins on any impacted products and any constrained availability from other electronic suppliers impacting our customers' ability to ship their products, which in turn may adversely impact our sales to those customers; our ability to scale our operations in response to changes in demand for existing or new products and services; risks associated with acquisition and consolidation activity in the semiconductor industry, including any consolidation of our manufacturing partners; our ability to protect our intellectual property; risks related to the impact of the COVID-19 pandemic (or future pandemics) which have impacted, and for which lingering effects may continue to impact our business, employees and operations, the transportation and manufacturing of our products, and the operations of our customers, distributors, vendors, suppliers, and partners; our maintenance of an effective system of internal controls; financial institution instability; and other risks detailed in our SEC filings from time to time. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business described in the "Risk Factors" section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. About Marvell To deliver the data infrastructure technology that connects the world, we're building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world's leading technology companies for over 25 years, we move, store, process and secure the world's data with semiconductor solutions designed for our customers' current needs and future ambitions. Through a process of deep collaboration and transparency, we're ultimately changing the way tomorrow's enterprise, cloud, automotive, and carrier architectures transform—for the better. Marvell ® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.

OTTAWA — NDP Leader Jagmeet Singh says he won't play Conservative Leader Pierre Poilievre's games by voting to bring down the government on an upcoming non-confidence motion. The Conservatives plan to introduce a motion that quotes Singh's own criticism of the Liberals, and asks the House of Commons to declare that it agrees with Singh and has no confidence in the government. The motion is expected to be introduced on Thursday and the debate and vote are set for Monday. Singh says he is not going to vote non-confidence and trigger an election when he believes Poilievre would cut programs the NDP fought for, like dental care and pharmacare. The non-confidence vote was scheduled after Speaker Greg Fergus intervened to pause a filibuster on a privilege debate about a green technology fund. The Conservatives have said they would only end that debate if the NDP agree to topple the government or if the Liberals turn over unredacted documents at the centre of the parliamentary gridlock. This report by The Canadian Press was first published Dec. 3, 2024. David Baxter, The Canadian Press

After weeks of hitting a wall, the Nebraska Huskers football team finally broke through on Saturday. With a dominant 44-25 win over the Wisconsin Badgers, the Huskers not only ended their four-game losing streak and became bowl-eligible — ending the longest bowl drought among Power 4 schools at seven years — and got their first win against the Badgers since 2012, but seemingly took a big step forward. Follow us on Facebook In the second game under new offensive coordinator Dana Holgorsen, the Huskers scored their most points in a game under Matt Rhule and the most against a Power 4 opponent since a 56-7 blowout of Northwestern on Oct. 2, 2021. Rhule, quarterback Dylan Raiola and others had expressed optimism with the offense's direction in the couple of weeks since Holgorsen joined the program, but after the unit put up only 13 points last weekend against USC and scored only two field goals on three red zone trips, the Big Red followed it up with a big showing. The Huskers scored eight times and all seven times in the red zone — five via touchdowns — including on six straight drives in the second half. Nebraska's 180 rushing yards and 473 total yards were its most since the season-opener against UTEP, and they came on the backs of several big-time performances. Holgorsen and Rhule have talked about players needing to make plays, and several guys finally delivered. Sophomore running back Emmett Johnson had never reached 100 scrimmage yards in a collegiate game before Saturday but totaled 113 rushing yards (on 7.1 yards per carry) and 198 total yards from scrimmage. Raiola finished 28-of-38 for 293 yards and a touchdown, his most passing yards since Sept. 20 against Illinois and best completion rate since against Northern Iowa a week earlier. And freshman Jacory Barney Jr. had a career-high nine catches and 85 receiving yards, breaking the school record for catches by a true freshman (was 40 receptions by Wan’Dale Robinson in 2019). Defensively, the Huskers still gave up some big plays but also rallied to the ball all day, forced a couple of turnovers and came up with some big-time plays. Nebraska still has plenty of room to improve but Saturday was a big step, and a long time coming for a program that desperately needed that. Dylan Widger-Imagn Images

In a bold new proposal, Elon Musk and Vivek Ramaswamy are spearheading a plan that could dramatically reshape the U.S. federal workforce. It centers on letting go of federal employees who refuse to go back to the office five days a week, all to achieve a breathtakingly bold goal—to reinvigorate government efficiency and cut billions in taxpayer dollars. The Plan to End Remote Work for Federal Employees Musk is CEO of SpaceX and Tesla, while Ramaswamy is a former presidential contender. The duo is pushing for major reforms to the U.S. government bureaucracy. Their mission is clear: federal workers who continue to enjoy the “Covid-era privilege” of working from home should not be paid by the American public. In their opinion, there are those unwilling to show up in the office—a burden on taxpayer dollars. “If federal employees don’t want to show up, American taxpayers shouldn’t pay them,” Musk and Ramaswamy declared in an op-ed published by The Wall Street Journal. The initiative is part of a broader effort to reduce federal spending, which they argue is bloated by inefficiency and lack of accountability. Aiming to Save $2 Trillion The plan is not just about how to enforce a return to the office as part of a larger scheme to trim $2 trillion from the federal budget. In order to make the federal workforce more efficient while ensuring that taxpayer dollars are better spent, Musk and Ramaswamy aim to cut wasted spending and restructure government agencies. In their plan, they posit that “mass headcount reductions” will have to be undertaken to achieve these objectives; certainly, part of the emphasis should be placed on civil servants who refuse to go back to office premises once the remote work policies initiated as part of the pandemics are repealed. The newly founded Department of Government Efficiency will be led by these two, and it is from there that Musk and Ramaswamy should present their vision to achieve the aforesaid mission of reorganizing federal agencies, making their operations efficient, and eliminating inefficiencies that waste government and taxpayer resources. These two men, one a visionary in the private sector and the other once a presidential hopeful, are bringing entrepreneurial and political experience to the table in a bid to fundamentally overhaul how the U.S. government operates. Musk and Ramaswamy: A vision of a Less Bureaucratic U.S. Government Both Musk and Ramaswamy have shown lively interest in government spending at grotesquely enormous levels. According to their op-ed, the pair believes that the government spends over $500 billion annually on inefficient or unauthorized programs. Bold reforms are said to be on their way with the decision of possibly taking federal departments out of Washington D.C. They argue that civil service regulation allows for “reductions in force” and the putting into effect of rules that would target inefficiency, not individual workers. A Strong Mandate for Reform The timing of their proposal is strategic. With a new president-elect, Donald Trump, and a conservative majority on the U.S. Supreme Court, Musk and Ramaswamy believe they have the political mandate to push through sweeping reforms. The pair sees this as an opportunity to enact their vision for a leaner, more efficient federal government. “Having a decisive electoral mandate and a 6-3 conservative majority on the Supreme Court gives us a unique advantage,” they wrote in their article. The Focus on Accountability In addition to saving taxpayer money, the new department will mainly focus on bringing accountability to federal agencies. The proposed reforms aim to ensure that spending is transparent and that every dollar is properly accounted for. This may require shaking up some existing norms and practices by the bureaucracy. The two, Musk and Ramaswamy, have also hinted that these reforms will not be limited to just firing employees; they could involve broad changes to how federal departments operate, how they are funded, and where they are located. Final Thoughts: The Future of Government Efficiency While the proposal has generated much debate, it also resonates with growing frustration over government inefficiency and the ballooning federal budget. Leading this are Musk and Ramaswamy, who are pushing reforms that may ultimately redefine the very makeup of the U.S. government in search of greater efficiency and a cost savings. With Trump behind him and a strong political base, the duo’s plan might just set a new era for American governance. ALSO READ: Grimes Accuses Elon Musk Of Preventing Her From Seeing Their Children