MRVL Stock News: Chipmaker Marvell Technology Beats Earnings Goals
Chipmaker Marvell Technology (MRVL) late Monday beat Wall Street’s targets for its fiscal first quarter and guided higher for the current period. MRVL stock jumped in extended trading.
The Santa Clara, Calif.-based company earned an adjusted 29 cents a share on sales of $832.3 million in the quarter ended May 1. Analysts expected Marvell earnings of 27 cents a share on sales of $806.7 million. On a year-over-year basis, Marvell earnings rose 61% while sales increased 20%.
Marvell got a sales boost from its $10 billion acquisition of Inphi, which it completed on April 20.
“The acquisition of Inphi increases and accelerates our growth opportunity in the data center, Marvell’s largest end market by revenue,” Chief Executive Matt Murphy said in a news release. “Marvell’s outlook for strong revenue growth in the second quarter highlights robust demand across all our key end…