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Dec. 3, 2021, 8:45 a.m. EST

Marvell stock surges nearly 16% after earnings, outlook beat

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By Wallace Witkowski

Marvell Technology Inc. shares rallied nearly 16% in the extended session Thursday after the chip maker’s results and outlook topped Wall Street estimates.

Marvell /zigman2/quotes/200053236/composite MRVL +2.76% shares ended the extended session up 15.9%, following a 0.1% advance in the regular session to close at $71.03. Shares are up 56% over the past 12 months, compared with a 40% gain by the PHLX Semiconductor Index /zigman2/quotes/210598361/realtime SOX +1.93% and a 25% gain by the S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.46% .

The company reported a third-quarter loss of $62.5 million, or 8 cents a share, compared with $22.9 million, or 3 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 43 cents a share, compared with 25 cents a share in the year-ago period.

Revenue rose to $1.21 billion from $750.1 million in the year-ago quarter.

Analysts surveyed by FactSet had forecast 38 cents a share on revenue of $1.15 billion.

Marvell forecast adjusted earnings of 45 cents to 51 cents a share on revenue of $1.28 billion to $1.36 billion for the fourth quarter. The forecast includes contributions from the company’s recent acquisition of Innovium Inc.

Analysts had estimated earnings of 42 cents a share on revenue of $1.21 billion for the fourth quarter.

/zigman2/quotes/200053236/composite
US : U.S.: Nasdaq
$ 43.15
+1.16 +2.76%
Volume: 9.44M
Jan. 31, 2023 4:00p
P/E Ratio
N/A
Dividend Yield
0.56%
Market Cap
$35.83 billion
Rev. per Employee
$868,491
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/zigman2/quotes/210598361/realtime
US : Nasdaq
2,921.92
+55.23 +1.93%
Volume: 270,077
Jan. 31, 2023 5:16p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,076.60
+58.83 +1.46%
Volume: 0.00
Jan. 31, 2023 5:00p
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