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Marvell Adjusted Earnings Top Estimates

Stock slips in after-hours trading after hitting all-time high in regular session
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Marvell Technology  (MRVL) - Get Marvell Technology, Inc. Report reported adjusted earnings ahead of analyst estimates after the bell Thursday, but saw shares slip in after-hours trading after they reached an all-time high in the regular session.  

The company reported adjusted earnings per share of 34 cents, on revenue of $1.076 billion for its fiscal 2022 second quarter ended July 31. 

Analysts surveyed by FactSet had been expecting adjusted earnings of 31 cents a share on revenue of $1.07 billion.

In the same period a year ago it reported revenue of $832 million.

Marvell shares fell $1.92, or 3%, to $61.32 in after-hours trading. During the regular session shares reached an all-time high of $64.07.

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"Marvell delivered record revenue in the fiscal second quarter, above the midpoint of guidance,” said Chief Executive Matt Murphy, in a statement.

“Growth was driven by the data center, which now represents Marvell's largest end market at 40% of total revenue, benefiting from our growing momentum in the fast-growing cloud infrastructure market," Murphy added.

Marvel offered upbeat guidance as well.

“We expect year-over-year revenue growth will accelerate in the third quarter, led by substantial contributions from the cloud data center market,” Murphy said in the statement.

The company said it anticipates fiscal third-quarter revenue of $1.145 billion plus or minus 3%, GAAP gross margin of 46.3% to 48.3%, and a GAAP diluted loss per share of 4 cents to 10 cents a share. The forecast includes expected results from Inphi, which it acquired in April.

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