TMTB: MRVL OKTA First takes

MRVL +7%: Solid beat and raise but GM guide a bit light

Looks better - only thing a bit neg is lighter gross margins but thats likely bc of Custom Silicon ramp. Overall, what you wanted to see for what is our fav large cap AI semi right now and cleanest story. Investors will be more comfortable unwriting $4+ in EPS power now.

Q4 Guide:
Revs of $1.8B rev bogeys of 1.7B and street at 1.65B
GM of 60% vs street at 61%
EPS of 59c vs street at 52c

MRVL RESULTS: Q3
- ADJ EPS $0.43 vs. $0.41 y/y, EST $0.41
- Consumer revenue $96.5M, -43% y/y, EST $89.5M
- Carrier infrastructure Revenue $84.7M, -73% y/y, EST $80.6M
- Enterprise networking Revenue $150.9M, -44% y/y, EST $159.7M
- Automotive/industrial Revenue $82.9M, -22% y/y, EST $80.2M
- Loss per share $0.78 vs. loss/shr $0.19 y/y
- Net revenue $1.52B, +6.9% y/y, EST $1.45B
- ADJ gross margin 60.5% vs. 60.6% y/y, EST 61%

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OKTA +20% looks solid with big subscription/RPO (+19%) beat and better OPMs. Rev guide better at 10.5% vs street at 8%. RPO guided to +9%, inline with bogeys

OKTA RESULTS: Q3
- ADJ EPS $0.67 vs. $0.44 y/y, EST $0.59
- Revenue $665M, +14% y/y, EST $649.6M
- Subscription revenue $651M, +14% y/y, EST $635.2M
- Professional services and other revenue $14M, -6.7% y/y, EST $14.5M
- ADJ operating margin 21% vs. 15% y/y
- ADJ gross margin 81% vs. 81% y/y, EST 81.2%
- ADJ operating income $138M, +62% y/y, EST $120.2M
- R&D expenses $158M, -4.2% y/y, EST $171.1M
- Net Cash provided by Operating Activities $159M, +1.9% y/y, EST $134.1M
- Free cash flow $154M, +2.7% y/y, EST $129.6M