The shares of semiconductor company Marvell Technology Inc. (NASDAQ: MRVL) have skyrocketed during Thursday’s after-hours trading session in the wake of the company’s strong Q1 earnings report. Here’s a breakdown of the details all investors need to know.
Earnings Report in Detail: According to Benzinga Pro, the Santa Clara-based company reported earnings per share of 31 cents, surpassing Wall Street’s estimated 29 cents per share. Marvell Technology’s revenues amounted to $1.322 billion, exceeding the expected $1.3 billion.
Marvell Technology ended the quarter with $911 million in cash and cash equivalents, leaving them in a strong financial position.
CEO Matt Murphy attributed the company’s growth to Artificial Intelligence (AI), stating, “AI has emerged as a key growth driver for Marvell, which we are enabling with our leading network connectivity products and emerging cloud-optimized silicon platform. While we are still in the early stages of our AI ramp, we are forecasting our AI revenue in fiscal 2024 to at least double from the prior year and continue to grow rapidly in the coming years.”
Marvell Technology’s Share Price: Marvell Technology’s shares are currently trading at $57.61, up a significant 16.45% in after-hours trading, according to Benzinga Pro.
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