One of the oldest semiconductor companies – Marvell Technologies – posted mixed Q3 2020 earnings.
The Hamilton-based company was shy of the $750.1 million in revenues, the actual figures coming in at $750 million. The EPS was par with the expectations of 25 cents.
Marvell's President and CEO Matt Murphy stated: "the overall revenue increased 13% year on year, driven by our networking business, which grew revenue 35% year on year. Strong 5G and Cloud product ramps are fueling our ongoing success in these strategic growth markets."
For the future, Marvell expects its revenue to reach $785 million, while the market is looking for $787.4 million. At the same time, the EPS is seen to range between 25 cents – 33 cents. The consensus is 29 cents per share.
After the news hit the wire, Marvell Technologies' stock price lost 0.22%.
Sources: thestreet.com, finance.yahoo.com