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Marvell Technology Q2 Earnings Top Estimates

Investing.com
·1 min read

By Yasin Ebrahim

Investing.com - Marvell Technology reported Thursday better-than-expected second-quarter profit, led by strong growth in its data center business.

Marvell Technology (NASDAQ:MRVL) was DOWN 1.9% in afterhours trading following the report.

The chipmaker reported Q2 adjusted earnings per share of 57 cents on revenue of $1.52 billion, compared with estimates for 56 cents on revenue of $1.52 billion.

Revenue grew substantially in each of its five end markets - data center, carrier infrastructure, enterprise networking, consumer, and automotive/industrial -- with data center, which makes up the bulk of growth, rising 48% year over year in Q2.

Looking ahead the company said it expects "sequential revenue growth to accelerate in the fourth quarter as supply constraints begin to ease."

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