5 Stocks Making Noise After Posting Their Financial Results

3. Marvell Technology, Inc. (NASDAQ:MRVL)

Number of Hedge Fund Holders: 45

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) skyrocketed more than 22 percent in the pre-market trading session on Friday, 3 December 2021, after delivering impressive results for its fiscal third quarter.

Marvell Technology, Inc. (NASDAQ:MRVL) reported adjusted earnings of 43 cents per share, beating expectations of 38 cents per share. The quarterly revenue of $1.211 billion also surpassed the consensus forecast of $1.15 billion.

The Delaware-based semiconductor company also released its financial outlook for the current quarter. Marvell Technology, Inc. (NASDAQ:MRVL) expects adjusted earnings of around 48 cents per share versus the consensus forecast of 42 cents per share. In addition, it expects to generate revenue of around $1.32 billion for the same period, compared to expectations of $1.21 billion.

Commenting on the quarter, CEO of Marvell Technology, Inc. (NASDAQ:MRVL), Matt Murphy said in a statement:

“Marvell delivered record revenue of $1.211 billion in the fiscal third quarter, growing 13 percent sequentially and 61 percent year over year, exceeding the high end of our guidance. Revenue grew substantially in each of our five end markets, led by data center, our largest contributor at 41 percent of total revenue, which grew 15 percent sequentially and 109 percent year over year.”