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.
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TEHRAN- The 2nd edition of the Palestine World Prize for Literature has received submissions from 26 countries, the secretary of the event has announced. A total of 345 book titles from 26 countries have been submitted to the prize’s secretariat in Tehran, Mohsen Parviz said, Mehr reported on Saturday. Regarding the selection process for the submitted works, Parviz explained that the award's scientific council approves judges who then review the submissions. "However, for the Palestine World Prize, we do not have a scientific council. Consequently, the Policy Council, responsible for major policies and scientific matters regarding the prize, serves in that capacity and appoints judges from various countries," he said. Parviz noted that judges for the second edition of the award were selected from Syria, Lebanon, Algeria, Palestine, Iraq, Yemen, Indonesia, India, and Iran. The initial review of submissions was conducted by two judges, and those that qualified for the next stage were subsequently discussed in a joint meeting with the head of the jury. He elaborated, "The process has been consistent across all subcategories; judges provided their reasoning for selecting works based on technique and content. The final decision was made collectively by the judges, the head of the jury, and the scientific secretary. Except for two categories with fewer submissions, five works were chosen for final evaluation and ranking." Parviz emphasized that the primary languages of submitted works were Arabic and Persian, thus leveraging distinguished Arabic-speaking scholars from various Arab countries for this task. “While the majority of submissions were in Arabic and Persian, there were also entries in English, Urdu, Malay, French, and Spanish.” Continuing, he stated, “The judging sessions for this award were conducted remotely using new technologies, setting a suitable precedent for future years, as it proved to be an efficient and successful method.” Six judging groups were formed in six different categories: plays, memoirs, short stories, children's literature, poetry, and novels. The highest volume of submissions came from the novel category, which received 106 entries, while the play category had the fewest, with only nine submissions, he noted. He further mentioned that final judges included professors from Iranian universities and language faculties. Additionally, the heads of Arab Writers Union in Syria and Algeria, Muhammad Al-Hourani and Youssef Shakra, assisted in the final judging process. Parviz affirmed that, despite the uncertainty surrounding which works will be selected, the mere focus on the theme of resistance and Palestine by writers and poets from various countries is of significant importance and a positive takeaway. He expressed hope that through effective media promotion, the selected works could be translated into other languages and serve as advocates for the accurately and artistically rendered narratives defending the Palestinian people. "Despite a smaller volume of submissions being reviewed over a longer period last time, the quality of works in this edition seems significantly higher,” he remarked. “Previous memoir submissions were also strong, but we are now witnessing a remarkable leap in the quality of novels and short stories. This advancement led to some hesitation in eliminating certain works to reach a final verdict, largely influenced by the recent events surrounding the Al-Aqsa Storm.” “The impact of Palestinian heroism on writers and poets will undoubtedly yield even higher quality works in the coming years," he mentioned. It has been decided that the closing ceremony of the second edition of the Palestine World Prize for Literature will be held on Monday in Baghdad, Iraq hosted by the Iraqi Prime Minister's Office, he concluded. The Palestine World Prize for Literature was established in 2018 in Iran by a collective decision of cultural organizations, writers' unions, and publications from various countries. This biennial award aims to recognize the best works published about Palestine. The first edition of this prize was held in 2022 in Beirut. SAB/13 Montreal organizations in Ahuntsic-Cartierville refusing eviction order
No. 16 Cincinnati tests efficient offense vs. Alabama StateFury as taxpayers forking out £6bn on 'nonsense' research funded by governmentThe BMC has installed an advanced ventilation system near Chhatrapati Shivaji Maharaj Terminus (CST) subway to improve airflow and regulate temperature. This system will help to enhance ventilation and also lower the temperature, creating a more comfortable environment for commuters. Moreover, a centralised mechanism will efficiently expel hot air, ensuring the subway remains cool and fresh, even during peak hours. Covering approximately 3,000 sq.m, the subway outside CST serves as a crucial underground corridor, connecting Central and Harbour line commuters to prominent destinations in Fort, such as DN Road and Mahapalika Marg. Since its inauguration in 1999, the subway has drawn criticism for overcrowding, poor lighting, inadequate ventilation, and unhygienic conditions. The pedestrian movement has also been hindered by illegal hawking and unauthorised shop extensions. Some of the shops in the subway had set up air conditioners which cool their small space, but add to the heat load in the subway. The advanced ventilation system at CST subway | The advanced ventilation system at CST subway | The advanced ventilation system at CST subway | To improve airflow in this heavily used subway, the 'A' ward office under whose jurisdiction the subway falls, has recently upgraded the ventilation system with nine jet fans and two high-capacity fans. "These fans efficiently draw fresh air from entry points and expel stagnant air, ensuring continuous ventilation. Inspired by tunnel ventilation technology, this system ensures the subway remains well-ventilated and comfortable for users at all times. The system also prioritises safety in case of fire. In an emergency, the central fans will activate at double speed to quickly clear smoke and improve visibility, enhancing commuter safety during such incidents," said a civic official. According to BMC, the CST subway houses 51 shops.
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Ashwagandha safe, western countries' curbs unjust: ExpertsThe Chicago Bulls, mired in a three-game losing skid, welcome the visiting Milwaukee Bucks on Saturday for the second matchup between the Central Division counterparts in six days. Milwaukee returns to Chicago for the second time this week, having routed the Bulls 112-91 on Monday despite missing All-Stars Giannis Antetokounmpo and Damian Lillard. Brook Lopez and Khris Middleton picked up the slack, each posting 21 points with NBA scoring leader Antetokounmpo sidelined with an illness. Milwaukee was again without Antetokounmpo and Lillard -- the latter having missed the last four games with a calf injury and also dealing with an illness -- in Thursday's 111-105 loss to Brooklyn. "Ain't no excuses," Bobby Portis said to reporters following Thursday's game. "We lost, they won, we move on Saturday. Get a win, feel good, go into Indiana (and) the new year. That's it." The Bucks have two more games remaining in this calendar year -- on Saturday at Chicago and Tuesday at Indiana. Through the 2024 portion of their schedule, the Bucks have ridden highs and lows, with a seven-game winning streak from Nov. 18 through Dec. 3, not long after they lost six straight during a 2-8 start. Antetokounmpo's 32.7 points per game leads the league, and Lillard is averaging 25.7 points and 7.5 assists a contest. However, Milwaukee nears 2025 just three games above .500 and ranked in the middle-to-lower half of the NBA in a variety of team categories. Among them is scoring, with the Bucks averaging 112.5 points per game -- the 16th-highest output in the league, and down 6.5 points from their 2023-24 average. Milwaukee's scoring defense has improved from a season ago, however, down from a 116.4-point per game yield in 2023-24 to 111.2 in 2024-25. The Bucks delivered one of their best defensive performances of the season in Monday's win at Chicago, limiting the Bulls to 91 points on 36-of-90 shooting (40 percent) from the floor, including 10-of-48 (20.8 percent) from 3-point range, and forcing 15 turnovers. Despite its output on Monday, Chicago is averaging 117.7 points per game -- sixth-most in the NBA -- behind leading scorers Zach LaVine (22.3 ppg), Nikola Vucevic (20.7) and Coby White (17.7). The Bulls' struggles have come on the defensive end as they sit five games below .500 amid their current losing streak. After surrendering 141 points in an eight-point loss at Atlanta on Thursday, Chicago is surrendering the league's second-highest opponent output at 121.8 points per game. Chicago heads into Saturday's matchup coming off an especially frustrating fourth quarter of defense, when they gave up 50 points in the period to squander a 17-point lead. "We're going to have to look at that and figure out what we need to do to weather the storm," said LaVine, who scored a season-high 37 points in the loss. "That just can't happen. It's unacceptable." Some potential good news for the Bulls after the loss is that versatile swingman Josh Giddey, averaging 11.9 points, 6.4 rebounds and a team-high 6.9 assists per game, could be available after missing the last four games with an ankle injury. "A lot is going to depend on how he responds (after a workout Thursday) and then probably get another one in (on Friday)," Bulls coach Billy Donovan told reporters of Giddey's progress toward a return. This article first appeared on Field Level Media and was syndicated with permission.
Moment jobsworth binman is caught on doorbell camera removing rubbish bag from top of bin at Christmas By MILO POPE and SAM WRIGHT Published: 22:42 GMT, 27 December 2024 | Updated: 23:05 GMT, 27 December 2024 e-mail 9 View comments A 'petty' binman was caught on doorbell camera footage removing a rubbish bag from the top of a bin at Christmas . A Hull resident posted a video of the incident to social media, tagging his local council with the comment: 'Remind me why I pay you over £130 a month [Hull City Council].' The footage begins by showing a lorry travelling down a road as binmen go to collect the rubbish. When a binman reaches the person's house, he can then be seen removing a single bin bag on top of the wheelie bin. After that, he wheels the bin to the lorry and disposes of the rubbish before wheeling it back, leaving the single bag of rubbish. Furious people online shared their fury over the 'petty' move by the rubbish collector. One person wrote on X: 'Now an extra bag or the lid being open by 1cm is refused! It’s madness.' Another said: 'Count yourself lucky, I pay more than that and they didn’t even touch the bin when I left a bag on top of it.' Footage begins by showing a lorry travelling down a road as binmen collect the rubbish On this person's Ring doorbell footage, a binman can be seen picking up the bin bag After removing it, he then starts to wheel the bin away to remove what is inside The 'petty' move sparked fury online, with many people condemning his actions A third added: 'I think councils often forget they are a public service & when this is combined with tendering services to the lowest cost provider, this approach is the result.' A fourth wrote: 'I was a bin man in West Sussex for a bit and any out of bin extras we always threw in the lorry. Council need to sort it as bin man must leave it for a reason.' A fifth also said: 'Happened to me last Xmas. Two extra nearly tied bags next to the bin. Bin men Left them. I was watching and went out. Bloke thought I was about to argue. I simply picked the bags up and threw them in the van. Neither weighed more than 6 or 7kg. Jobsworths was my only comment.' However, some argued: 'Rules are clear. Rubbish has to be in a bin for them to take it. If you’ve run out of room, ask a neighbour if you can put it in theirs or take it to the tip.' Another also said: 'And then what happens when someone leaves two bags, and then three bags. Has to be a rule otherwise people in society will take the p***.' MailOnline has contacted Hull City Council for comment. Hull Share or comment on this article: Moment jobsworth binman is caught on doorbell camera removing rubbish bag from top of bin at Christmas e-mail Add comment