Why Marvell's Stock Is Trading Higher Today

Marvell Technology Group Ltd. MRVL shares are trading higher after the company reported better-than-expected first-quarter EPS and sales results. The company also issued second-quarter EPS and sales guidance.

The company reported earnings of 18 cents per share, which beat the 14 cent estimate. The company reported sales of $693.64 million, which beat the $678.7 million estimate.

Marvell Technology designs integrated circuits primarily for data storage, networking, and communications.

Marvell's shares were trading up 5.24% at $31.54 at the time of publication on Friday. The stock has a 52-week high of $32.96 and a 52-week low of $16.45.