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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 -4.47% 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 -1.90% and a 25% gain by the S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.04% .

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.

US : U.S.: Nasdaq
$ 46.58
-2.18 -4.47%
Volume: 11.96M
Feb. 3, 2023 4:00p
P/E Ratio
Dividend Yield
Market Cap
$41.60 billion
Rev. per Employee
US : Nasdaq
-59.73 -1.90%
Volume: 275,336
Feb. 3, 2023 5:16p
-43.28 -1.04%
Volume: 0.00
Feb. 3, 2023 4:54p

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