Marvell Forecasts Strong Growth in Second Quarter

Latest results from chipmaker top analyst forecasts.
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Chipmaker Marvell Technology  (MRVL) - Get Report offered an upbeat forecast Monday and topped analyst estimates as strong demand continues amid a widespread shortage of computer chips.

The company said it made 29 cents a share on revenue of $823.3 million. Analysts were expecting Marvell would report earnings of 27 cents a share on sales of $806.7 million.

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In the current quarter, Marvell forecast adjusted earnings of 31 cents a share on sales of $1.07 billion. Analysts are projecting earnings of 30 cents a share on sales of $841 million in the fiscal second quarter.

"Marvell's outlook for strong revenue growth in the second quarter highlights robust demand across all our key end markets. I have never felt stronger about our prospects and believe that we are at the beginning of a multi-year growth cycle," said Matt Murphy, Marvell's president and CEO, in a statement.

Marvell’s latest results didn’t include the impact of the company’s acquisition of Inphi Corp., which closed April 20. Inphi’s impact was included in the current quarter forecast. 

Stocks finished mixed on Monday as Wall Street weighed inflation risks and the implications of a global tax agreement on the biggest U.S. tech companies.

The Dow Jones Industrial Average ended down 126 points, or 0.36%, to 34,630 and the S&P 500 dipped 0.08%.

The Nasdaq ended 0.49% higher as investors weighed the impact that a 15% global corporate tax agreement secured by the G-7 over the weekend would have on the tech giants.