Chipmaker Marvell Technology late Thursday edged above estimates for its fiscal first quarter and with its outlook for the current period. Marvell stock edged higher in extended trading.
The Santa Clara, Calif.-based company earned an adjusted 62 cents a share on sales of $1.9 billion in the quarter ended May 3. Analysts polled by FactSet were looking for earnings of 61 cents a share on sales of $1.88 billion. On a year-over-year basis, Marvell earnings jumped 158% while sales increased 63%.
For the current quarter, Marvell forecast adjusted earnings of 67 cents a share on sales of $2 billion. Wall Street had been modeling earnings of 66 cents a share on sales of $1.98 billion in the fiscal second quarter. In the same period last year, Marvell earned an adjusted 30 cents a share on sales of $1.27 billion.
"We are forecasting continued strong growth into the second quarter," Chief Executive Matt Murphy said in a news release. "This momentum is being fueled by strong AI demand in the data center end market, where our revenue is benefiting from the rapid scaling of our custom silicon programs and robust shipments of our electro-optics products."
Marvell's data center customers include hyperscale cloud service providers Alphabet, Amazon, Meta Platforms and Microsoft.
Marvell plans to showcase its custom AI infrastructure innovations at a company event on June 17.
In after-hours trading on the stock market today, Marvell stock rose around 1% to 64.39. During the regular session Thursday, Marvell stock slid 1.3% to close at 63.73.
Marvell makes semiconductor products for data centers, including server processors, AI accelerators, and networking and storage chips. It also makes chips for enterprise networking, carrier infrastructure, consumer devices, and automotive and industrial applications.
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