Chipmaker Marvell Technology(MRVL) late Thursday beat analyst expectations for its fiscal fourth quarter and guided higher for the current period, thanks to across-the-board sales gains. MRVL stock rose in extended trading.
The Santa Clara, Calif.-based company earned an adjusted 50 cents a share on sales of $1.34 billion in the quarter ended Jan. 29. Analysts had expected Marvell earnings of 48 cents a share on sales of $1.32 billion, according to FactSet. On a year-over-year basis, Marvell earnings rose 72% while sales climbed 68%.
For the current quarter, Marvell expects to earn an adjusted 51 cents a share on sales of $1.425 billion. That's based on the midpoint of its guidance. Analysts were modeling earnings of 49 cents a share on sales of $1.38 billion in the fiscal first quarter, FactSet said. Marvell's outlook would translate to year-over-year growth of 76% in earnings and 71% in sales.
"Revenue grew in all five of our end markets in the fourth quarter, with strong contributions from cloud, 5G and auto, which together represented 40% of total revenue," Chief Executive Matt Murphy said in a news release.
Marvell makes networking and data storage chips used in cloud computing, automotive, communications and other applications.
MRVL Stock Climbs In Late Trades
"In addition, our enterprise networking end market has become another growth pillar, with revenue increasing 64% year over year, driven by our content gains and share increases, as enterprises continue to transform their infrastructure to address the needs of a more flexible, hybrid workforce," Murphy said.
In after-hours trading on the stock market today, MRVL stock initially fell but then turned positive. It was up 1.5%, near 66.40, in recent trades. During the regular session Thursday, MRVL stock sank 3.7% to close at 65.20.
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