Marvell reported earnings.
The company reported revenue of $727 million, an 11% increase year over year, with non-GAAP earnings of 21 cents per share. Analysts were expecting Marvel to report earnings of 20 cents per share on revenue of $724.69 million.
For the fiscal 2021 third quarter, the company expects revenue to rise 5% year over year to $750 million with non-GAAP earnings between 22 cents and 28 cents per share. Wall Street is expecting revenue of $775.6 million with earnings of 25 cents per share.
The company reported non-GAAP gross margins of 63.3% in the second quarter, with expectations to maintain that margin in the third quarter.
"While we continue to invest in advanced technologies for future growth, our team also remains focused on driving operational excellence. Through successful integration execution and continued operational discipline, we expect to drive earnings expansion in the third quarter," said CEO Matt Murphy in a press release.
"We are expecting revenue growth to continue in the third quarter, driven primarily from 5G wireless infrastructure and cloud datacenter end markets," Murphy said.
Jeff Marks, senior portfolio analyst with Action Alerts PLUS, breaks down why the portfolio likes Marvell.
You can follow Katherine Ross on Twitter at @byKatherineRoss.
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