Marvell jumps as Q1 results, guidance surpass estimates
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Marvell Technology (NASDAQ:MRVL) rose nearly 18% in extended-hours trading on Thursday after the semiconductor company posted first-quarter results and guidance that topped expectations.
For the period ending April 30, Marvell (MRVL) earned 31 cents per share on $1.32B in revenue.
A consensus of analysts were expecting Marvell (MRVL) to earn 29 cents per share on $1.3B in revenue.
Looking ahead, Marvell (MRVL) expects second-quarter adjusted earnings to be 32 cents per share, plus or minus 5 cents, while net revenue is expected to be $1.33B, plus or minus 5%. It also expects adjusted gross margins to fall within a range of 60% to 61%.
The company added that it expects revenue related to artificial intelligence to at least double in fiscal 2024, with overall revenue expected to accelerate in the second-half of the year.
The company will host a conference call at 4:45 p.m. EST to discuss the results.
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