Benzinga | Jun 7, 2021 04:27PM EDT

Marvell Technology: Q1 Earnings Insights

Shares of Marvell Technology (NASDAQ:MRVL) moved higher in after-market trading after the company reported Q1 results.

Quarterly Results

Earnings per share increased 61.11% over the past year to $0.29, which beat the estimate of $0.27.

Revenue of $832,279,000 up by 19.99% from the same period last year, which beat the estimate of $804,210,000.

Outlook

Marvell Sees Q2 Adj. EPS $0.28-$0.34 vs $0.30 Estimate, Net Sales $1.065B +/- 3% vs $1.04B Est.

How To Listen To The Conference Call

Date: Jun 07, 2021

Time: 04:45 PM

ET Webcast URL: https://www.webcaster4.com/Webcast/Page/2688/40885

Technicals

52-week high: $55.70

Company's 52-week low was at $32.53

Price action over last quarter: Up 23.46%

Company Profile

Marvell Technology Inc designs integrated circuits primarily for data storage, networking, and communications. Historically, the firm focused on storage, where it is still a key supplier to hard-disk drive and solid-state drive makers but has strategically emphasized networking to offset declining HDD technology. The firm has since diversified via acquisitions and supplies chips to the networking and consumer electronic spaces. Marvell outsources its production to third-party foundries.