Marvell Technology, Inc. stock research
FY2024 Q1
Marvell Technology (MRVL) Gross Margin — Quarter Ended Apr 29, 2023
Revenue and gross profit both declined compared with the prior quarter and the same quarter a year ago, while cost of revenue decreased from the prior quarter but increased from the year-ago period. Gross margin weakened as a result, falling below the levels of both comparison periods.
Gross margin takeaway
Quarter ended Apr 29, 2023 · FY2024 Q1
Revenue and gross profit both declined compared with the prior quarter and the same quarter a year ago, while cost of revenue decreased from the prior quarter but increased from the year-ago period. Gross margin weakened as a result, falling below the levels of both comparison periods.
- The relationship between cost of revenue and revenue is the most notable factor: cost of revenue did not decline as much as revenue from the prior quarter, and was higher than the year-ago quarter despite lower revenue, compressing gross margin. The filing context notes the company’s cash position and debt management, but the margin movement is driven by these cost‑revenue dynamics.
- Compared with the immediately preceding quarter, revenue and gross profit were lower, cost of revenue was slightly lower, and gross margin weakened. Compared with the same quarter one year earlier, revenue and gross profit were also lower, cost of revenue was higher, and gross margin weakened further.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
42.2%
Gross profit
$557.2M
Revenue
$1.3B
Cost of revenue
$764.5M
Quarter-over-quarter change
-5.3 pts
Year-over-year change
-9.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jan 28, 2023 | $1.4B | $673.3M | $745.2M | 47.5% |
| Apr 29, 2023 | $1.3B | $557.2M | $764.5M | 42.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jan 28, 2023
-5.3 pts
Year-over-year change
Apr 30, 2022
-9.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The relationship between cost of revenue and revenue is the most notable factor: cost of revenue did not decline as much as revenue from the prior quarter, and was higher than the year-ago quarter despite lower revenue, compressing gross margin. The filing context notes the company’s cash position and debt management, but the margin movement is driven by these cost‑revenue dynamics.
Compared with the immediately preceding quarter, revenue and gross profit were lower, cost of revenue was slightly lower, and gross margin weakened. Compared with the same quarter one year earlier, revenue and gross profit were also lower, cost of revenue was higher, and gross margin weakened further.
Monitor the trajectory of cost of revenue relative to revenue, as the current quarter showed cost of revenue declining less than revenue sequentially and rising year‑over‑year despite lower revenue.