Marvell Technology (MRVL) posted better than expected quarter results on Thursday and shares rallied over Friday morning. The Santa Clara based chipmaker posted higher than estimated revenue and earnings leading to a 25 percent surge in stock, as of Friday morning. The artificial intelligence (AI) chipmaker follows the trend of Nvidia, which posted excellent quarter results as well as a robust forecast for the future, on Wednesday.
Marvell Technology is a leader in data infrastructure semiconductor solutions. The company has been in the business of moving, storing, processing and securing the world’s data using semiconductor solutions that have been designed to keep their customers’ needs in the forefront for the past 25 years.
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In the first quarter Marvell Technology posted a revenue of $1.322 billion while Refinitiv consensus estimate was $1.3 billion. The AI chipmaker also posted much higher earnings of 31 cents in adjusted earnings per share while Refinitiv consensus estimated was lower at 29 cents for each share.
Speaking to analysts on a conference call Marvell CEO Matthew Murphy mentioned that the chipmaker was reassessing the huge business potential of AI. He noted that Marvell had considered AI to be one among many cloud applications and that there was a dramatic increase in opportunity.
Marvell said that it expected to see its annual revenue at double in fiscal 2024 as artificial intelligence is booming.
Marvell said, “While we are still in the early stages of our AI ramp, we are forecasting our AI revenue in fiscal 2024 to at least double from the prior year and continue to grow rapidly in the coming years.”
Many semiconductors’ firms have seen a boost after Nvidia posted its fantastic earnings report and inched closer to becoming a trillion-dollar tech giant. Now, other chipmakers are seeing a surge in value, revenue and earnings.
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