Marvell Technology Inc (NASDAQ:MRVL) reported better-than-expected quarterly financial results on Thursday.
Marvell reported fourth-quarter revenue of $2.22 billion, narrowly beating the consensus estimate of $2.21 billion, while adjusted earnings came in at 80 cents per share — one cent ahead of expectations.
“We expect year-over-year revenue growth to accelerate each quarter in fiscal 2027, driven by continued strength in our data center business, with bookings continuing to grow at a record pace,” said Matt Murphy, chairman and CEO of Marvell.
Marvell sees first-quarter revenue of $2.40 billion, plus or minus 5%. The company also guided first-quarter adjusted earnings of 79 cents per share, plus or minus five cents per share.
Marvell Technology shares jumped 23.2% to $93.25 on Friday.
These analysts made changes to their price targets on Marvell Technology following earnings announcement.
- B of A Securities analyst Vivek Arya …