The developer and producer of semiconductors and related technology posted first quarter 2022 results that surpassed expectations
Marvell Technology revealed an EPS of 29 cents on revenues of $832.3 million. Both figures came in higher than what analysts expected. They anticipated an EPS of 27 cents and $805.8 million in revenues.
For the future, Marvel is looking for earnings-per-share between 28 cents – 34 cents, on revenue of $1.06 billion. While Wall Street's expectation for an EPS falls in the company's range – 30 cents – the same cannot be said about the revenue, expected to come in at $840.2 million. "Marvell's outlook for strong revenue growth in the second quarter highlights robust demand across all our key end markets. I have never felt stronger about our prospects and believe that we are at the beginning of a multi-year growth cycle," stated the company.
The improved figures are expected to be driven by Inphi, the company Marvell acquired about ten days before the end of the quarter.
At the moment of writing, Marvell Technology stock price added more than 6% during pre-market trading.
Sources: seekingalpha.com, thestreet.com