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Marvell Technology stock rises after reporting Q3 earnings

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  • MRVL

Yahoo Finance's Jared Blikre provides the numbers to know from Marvell's Q3 earnings.

Video Transcript

JARED BLIKRE: That's right. Stock is jumping about 10% right now, and nice beats all around. Third quarter results, here they are. Net revenue coming in at 1.21 billion for the quarter. That's up 61% year over year. And that is $0.06 higher than the estimate of $1.15. Adjusted EPS coming in at $0.43 versus $0.25 a year ago. I don't have a comparable Street estimate, but I do on adjusted gross margin. That was a nice beat, too, 65.1%, whereas the estimate was 64.5%.

But it gets good on the guidance. Marvell Technology is now seeing fourth quarter adjusted EPS at $0.45 to $0.51. And the estimate was for lower, at $0.42. And they're also seeing net revenue at $1.32 billion. The estimate was for lower, ar $1.21 billion. Some commentary here from the president and CEO, Matt Murphy. Revenue grew substantially in each of our five end markets, led by Data Center, our largest contributor, at 41% of total revenue. This grew 15% sequentially and 109% year over year. And that stock up about 9%, 10% in afterhours trading, as you can see on your screen there, Adam.