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Marvell Tech (NASDAQ:MRVL) stock is soaring higher on Friday as investors react to the company’s earnings report for the first quarter of 2023!
Marvell Tech starts off the year strong with its adjusted earnings per share of 31 cents. That’s above the 29 cents per share that Wall Street was expecting in Q1. It also matches what was reported in the same period of the year prior.
Coming in alongside that is Marvell Tech’s revenue of $1.32 billion. Yet again, that beats out analysts’ revenue estimate of $1.3 billion for the quarter. However, it is down slightly from the $1.45 billion reported in the first quarter of 2022.
Matt Murphy, president and CEO of Marvell Tech, said the following in the earnings report.
“AI has emerged as a key growth driver for Marvell, which we are enabling with our leading network connectivity products and emerging cloud optimized silicon platform. While we are still in the early stages of our AI ramp, we are forecasting our AI revenue in fiscal 2024 to at least double from the prior year and continue to grow rapidly in the coming years.”
MRVL Stock Outlook
Also helping out Marvell Tech shares today is its outlook for the second quarter of 2023. The company expects adjusted EPS between 27 cents and 37 cents and revenue of $$1.33 billion, plus or minus 5%.
To put that guidance in perspective, Wall Street is looking for adjusted EPS of 31 cents and revenue of $1.31 billion for the second quarter of 2023. This would have the company beating out analysts’ estimates for the quarter.
All of this positive news saw Citi take note of MRVL stock today. This saw the firm cite Marvell Tech as a potential major player in the growing AI space.
MRVL stock is up 16.8% as of Friday morning.
Investors looking for more of the most recent stock market news will want to stick around!
InvestorPlace is home to all of the latest stock market news traders need to know about on Friday! Among our coverage is what’s moving shares of Tilray (NASDAQ:TLRY), SunCar Technology (NASDAQ:SDA), and EFFECTOR Therapeutics (NASDAQ:EFTR) stock today. All of this news is ready to go below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.