Marvell Technology Inc. (NASDAQ:MRVL) released its second-quarter results after Thursday's closing bell. Here's a look at the details in the report.
Get the inside scoop on MRVL stock here.
The Details: Marvell reported quarterly earnings of 67 cents per share, which beat the analyst estimate of 66 cents.
Quarterly revenue came in at $2.006 billion which missed the Street estimate of $2.009 billion.
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Non-GAAP gross margin was 59.4% in the second quarter.
“Marvell delivered record revenue of $2.006 billion in the second quarter — a 58% year-over-year increase — and we expect continued growth into the third quarter, accompanied by operating margin and earnings per share expansion,” said Matt Murphy, Marvell’s CEO.
“Marvell’s growth is being fueled by strong AI demand for our custom silicon and electro-optics products, as well as a significant increase in the pace of recovery in our enterprise networking and carrier infrastructure end markets,” Murphy added.
Outlook: Marvell is looking for third-quarter adjusted earnings of between 69 cents and 79 cents per share, versus the 72 cent estimate, and revenue in a range of $1.957 billion to $2.163 billion, versus the $2.105 billion analyst estimate.
MRVL Stock Price: According to data from Benzinga Pro, Marvell Technology stock was down 7.81% at $71.20 in Thursday's extended trading.
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