Marvell Technology (NASDAQ: MRVL) reported Q2 EPS of $0.21, $0.01 better than the analyst estimate of $0.20. Revenue for the quarter came in at $727 million versus the consensus estimate of $724.69 million.

"Marvell delivered strong second quarter financial results with revenue above the mid-point of guidance, growing 11% year on year and 5% sequentially. We are expecting revenue growth to continue in the third quarter, driven primarily from 5G wireless infrastructure and cloud datacenter end markets" said Matt Murphy, Marvell's President and CEO. "We also announced the extension of our long-term collaboration with TSMC to deliver a comprehensive silicon portfolio for the data infrastructure market leveraging the industry's most advanced 5 nanometer (nm) process technology. While we continue to invest in advanced technologies for future growth, our team also remains focused on driving operational excellence. Through successful integration execution and continued operational discipline, we expect to drive earnings expansion in the third quarter."

GUIDANCE:

Marvell Technology sees Q3 2021 EPS of $0.22-$0.28, versus the consensus of $0.25. Marvell Technology sees Q3 2021 revenue of $712.5-787.5 million, versus the consensus of $775.62 million.

Third Quarter of Fiscal 2021 Financial Outlook

• Revenue is expected to be $750 million +/- 5%.
• GAAP gross margin is expected to be approximately 51.4%.
• Non-GAAP gross margin is expected to be approximately 63%.
• GAAP operating expenses are expected to be approximately $368 million.
• Non-GAAP operating expenses are expected to be approximately $280 million.
• GAAP diluted income (loss) per share is expected to be $(0.04) to $0.04 per share.
• Non-GAAP diluted income per share is expected to be $0.22 to $0.28 per share.

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