Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2022 Financial Results

Marvell (MRVL) Gains After Delivering a Beat-and-Raise Quarter, Analyst Upgrades to 'Buy'

Shares of Marvell (NASDAQ: MRVL) are trading about 5.5% higher in pre-open trading Tuesday after the company reported better-than-expected earnings for its Q1.

The California-based company said it made a profit of $0.29 per share on sales of $832.3 million for the quarter ending May 01. This compares to analysts expectations of $0.27 per share on sales of $806.7 million.

"We began fiscal 2022 on a strong note, with stand-alone Marvell revenue growing 17% year-over-year for the first quarter. The acquisition of Inphi increases and accelerates our growth opportunity in the data center, Marvell's largest end market by revenue,"... More

Marvell (MRVL) PT Raised to $58 at Jefferies

Jefferies analyst Mark Lipacis raised the price target on Marvell (NASDAQ: MRVL) to $58.00 (from $55.00) while maintaining a Buy rating.

The analyst commented, "MRVL beat and raised on 17% YY growth in Marvell stand-alone revenue for both 1Q22and 2Q22. The IPHI acquisition is... More

Marvell (MRVL) PT Raised to $64 at Susquehanna

Susquehanna analyst Christopher Rolland raised the price target on Marvell (NASDAQ: MRVL) to $64.00 (from $62.00) while maintaining a Positive rating.

Marvell (MRVL) PT Raised to $55 at Needham & Company

Needham & Company analyst Quinn Bolton raised the price target on Marvell (NASDAQ: MRVL) to $55.00 (from $50.00) while maintaining a Buy rating.

The analyst commented, "Marvell reported solid F1Q22 results with F2Q22 revenue guidance coming in ~$35MM above our estimate, largely... More

Marvell Technology (MRVL) Tops Q1 EPS by 2c; Guides Higher at Mid-Point

Marvell Technology (NASDAQ: MRVL) reported Q1 EPS of $0.29, $0.02 better than the analyst estimate of $0.27. Revenue for the quarter came in at $832 million versus the consensus estimate of $804.21 million.

GUIDANCE:

Marvell Technology sees Q2 2022 EPS of $0.28-$0.34 ($0.31 midpoint), versus the... More