Marvell Technology Inc (NASDAQ:MRVL) is trading relatively flat Friday despite reporting better-than-expected financial results.
Marvell said fourth-quarter revenue increased 68% year-over-year to $1.343 billion, which beat the $1.32 billion estimate. The company reported quarterly earnings of 50 cents per share, which beat the estimate of 48 cents per share.
"Revenue grew in all five of our end markets in the fourth quarter, with strong contributions from cloud, 5G and auto, which together represented 40% of total revenue," said Matt Murphy, president and CEO of Marvell.
Marvell expects first-quarter revenue of $1.425 billion +/- 3% versus the $1.38 billion estimate. The company expects adjusted quarterly earnings to be between 48 cents and 54 cents per share versus the 50 cent estimate.
Following Marvell's financial results, multiple analysts adjusted price targets on the stock, ranging from $70 to $125.
Marvell is a leading fabless chipmaker focused on networking and storage applications.
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MRVL Price Action: Marvell has traded between $37.92 and $93.85 over a 52-week period.
The stock was down 0.51% at $64.93 at time of publication.
Photo: courtesy of Marvell.
