Chipmaker Marvell Technology (MRVL) late Thursday beat analyst expectations for its fiscal fourth quarter and guided higher for the current period, thanks to across-the-board sales gains. MRVL stock rose in extended trading.
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The Santa Clara, Calif.-based company earned an adjusted 50 cents a share on sales of $1.34 billion in the quarter ended Jan. 29. Analysts had expected Marvell earnings of 48 cents a share on sales of $1.32 billion, according to FactSet. On a year-over-year basis, Marvell earnings rose 72% while sales climbed 68%.
For the current quarter, Marvell expects to earn an adjusted 51 cents a share on sales of $1.425 billion. That’s based on the midpoint of its guidance. Analysts were modeling earnings of 49 cents a share on sales of $1.38 billion in the fiscal first quarter, FactSet said. Marvell’s outlook would translate to year-over-year growth of 76% in…
