TMTB: MRVL AVGO MDB DOCU First takes

MRVL MDB optics don’t look great, AVGO solid against high expects, while DOCU looks good against low expects

MRVL -11% Looks mixed with inline Q4 but weaker guide than expected. Calling Q1 the bottom in core biz.

Key will really be the call and AI - want to hear more specifics on AI custom silicon opp, direction commentary around DC guide (prev $800M but bogeys now north of $1.5B). CEO is known for his bullish commentary so call will definitely be interesting.

Also announced $3B share repurchase

GUIDANCE: Q1
Guides net revenue $1.15B, EST $1.37B
Guides ADJ gross margin 62% to 63%, EST 63.6%
RESULTS: Q4
ADJ EPS $0.46 vs. $0.46 y/y, EST $0.46
Loss per share $0.45 vs. loss/shr $2.00 y/y
Net revenue $1.43B, +0.6% y/y, EST $1.42B
Data center revenue $765.3M, +54% y/y, EST $752.5M
Consumer revenue $143.9M, -20% y/y, EST $144M
Carrier infrastructure Revenue $170.0M, -38% y/y, EST $175.8M
Enterprise networking Revenue $265.0M, -28% y/y, EST $262.5M
Automotive/industrial Revenue $82.3M, -17% y/y, EST $88.9M
ADJ gross margin 63.9% vs. 63.5% y/y, EST 63.5%

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MDB -10% looks mixed with better Atlas revs (34% vs bogeys of 32-35%) and total revs (+27% vs bogeys of 26%); but FY25 a little weaker than expected (although will be viewed as conservative as they typically beat their initial guide by DD so implies mid 20s)