Shares of Marvell Technology (MRVL) - Get Report rose sharply after hours Wednesday after the semiconductor maker reported fiscal fourth quarter results that were ahead of analyst expectations for the period.
The company reported fourth quarter revenue of $718 million and earnings of 17 cents per share. Analysts were expecting the company to report revenue of $712.95 million and earnings of 16 cents per share.
Shares were rising more than 12% to $25.40 after hours on Wednesday, after rising 6.1% during the day's regular trading session.
"Marvell delivered fourth quarter revenue above the mid-point of guidance with solid results from both our networking and storage businesses. Our guidance for the first quarter of fiscal 2021 reflects the reduction of approximately 5 percent of revenue to account for coronavirus impacts we are aware of so far," said CEO Matthew Murphy.
Additionally, the company announced fiscal first quarter revenue expectations of $680 million with earnings expected to range between 11 cents per share and 17 cents per share. Analysts are expecting the company to report revenue of $674.8 million on earnings of 13 cents per share.
"Our customer and design win traction in the wireless infrastructure market continues to grow and Nokia announced an expanded relationship with to develop multiple generations of leading 5G silicon solutions. We also announced the extension of our long-term collaboration with Samsung on the radio access network," Murphy said.
Earlier in the day, Nokia announced that it had entered into a partnership with Marvell to accelerate its shift to 5G wireless. Nokia has reportedly been struggling with the development of a chip that would allow it to produce equipment more cheaply.