Marvell Technology (MRVL) Tops Q2 EPS by 3c

Marvell Technology (NASDAQ: MRVL) reported Q2 EPS of $0.34, $0.03 better than the analyst estimate of $0.31. Revenue for the quarter came in at $1.08 billion versus the consensus estimate of $1.07 billion.

"Marvell delivered record revenue of $1.076 billion in the fiscal second quarter, above the midpoint of guidance, growing 29 percent sequentially and 48 percent year over year. Growth was driven by the data center, which now represents Marvell\'s largest end market at 40 percent of total revenue, benefiting from our growing momentum in the fast-growing cloud infrastructure market," said Matt Murphy, Marvell\'s President and CEO. "I am pleased that stand-alone Marvell and the acquired Inphi businesses both contributed to our strong year-over-year revenue growth. We expect year-over-year revenue growth will accelerate in the third quarter, led by substantial contributions from the cloud data center market. In addition, we expect our 5G business to continue to grow with strong sequential revenue growth in the third quarter, and a significant step up projected in the fourth quarter."

GUIDANCE:

Marvell Technology sees Q3 2022 EPS of $0.35-$0.41, versus the consensus of $0.37. Marvell Technology sees Q3 2022 revenue of $1.145 billion, versus the consensus of $1.15 billion.

For earnings history and earnings-related data on Marvell Technology (MRVL) click here.

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