Marvell Technology (MRVL) Stock Gains 14% on Better Than Expected Q3 Results

Marvell Technology (NASDAQ: MRVL) shares were trading more than 14% higher after-hours following the company’s reported Q3 results, with EPS coming in at $0.43, beating the consensus estimate of $0.38. Quarterly revenue grew 61% year-over-year to $1.21 billion, compared to the consensus estimate of $1.15 billion. Q3 results include the results of Innovium (acquired on Oct 5, 2021) from the acquisition date, while prior periods do not.

According to Matt Murphy, the President and CEO of Marvell, quarterly revenue increased substantially in each of the company’s five end markets, led by data center (41% of total revenue), which grew 109% year-over-year.

The company provided its Q4 outlook, expecting EPS of $0.45-$0.51, above the consensus estimate of ($0.42). The company anticipates Q4 revenue of $1.32 billion (+/-3%), compared to the consensus estimate of $1.21 billion.

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