Marvell Technologies reported first-quarter earnings of 62 cents per share, slightly beating analysts’ expectations, with revenue at $1.9 billion, in line with forecasts. For the second quarter, Marvell anticipates adjusted earnings per share between 62 to 72 cents, close to the anticipated 67 cents. CEO Matt Murphy expressed confidence, highlighting record revenue driven by strong AI demand and custom silicon programs. Despite the positive outlook, shares declined approximately 2.5% as investors remain cautious, especially following prior stock declines. An AI investor event is scheduled for June 17, drawing interest from shareholders.
00:00 Speaker A
Marvell Technology has released its first quarter figures, with shares remaining relatively stable in after-hours trading. The company reported earnings per share of 62 cents, slightly outperforming analyst expectations by one cent. Revenue stood at $1.9 billion, closely aligning with the average analyst estimate of $1.88 billion. For the upcoming second quarter, Marvell forecasts adjusted earnings per share between 62 and 72 cents, with analysts expecting around 67 cents. The revenue outlook also appears consistent with analyst projections, leading to little movement in the stock price.
01:10 Speaker B
Indeed, the stock had already seen significant declines heading into this report. CEO Matt Murphy conveyed a tone of confidence, highlighting record revenue and growth driven by robust AI demand in the data center sector. Revenue is benefiting from the rapid scaling of custom silicon initiatives, which is central to Marvell’s business, focusing on chips for data centers and networking equipment. Additionally, an AI investor event is scheduled for June 17th, so those invested in Marvell should take note of that date, although the stock is currently down about 2.5%.
02:26 Speaker A
Yes, it appears the declines are continuing.