After Hours Action: Why Marvell Technology Stock Is Moving

Marvell Technology Inc MRVL shares are trading higher in Thursday's after-hours session after the company reported financial results. 

Marvell said fiscal first-quarter revenue increased 74% year-over-year to $1.45 billion, which beat the estimate of $1.43 billion, according to data from Benzinga Pro. The company said strong revenues were driven by higher-than-forecasted results from the datacenter end market. 

Marvell reported quarterly adjusted earnings of 52 cents per share, which beat the estimate of 51 cents per share.

"We are guiding for growth to continue in the second quarter, projecting revenue at the midpoint to grow 5 percent sequentially and 41 percent year over year," said Matt Murphy, president and CEO of Marvell.

Marvell expects fiscal second-quarter revenue to be $1.515 billion, plus or minus 3%.

Marvell is a fabless chipmaker focused on networking and storage applications.

MRVL Price Action: Marvell has traded between $46.77 and $93.85 over a 52-week period.

The stock was up 1.9% in after hours at $58.07 at press time.

Photo: analogicus from Pixabay.

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