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in Tech

Marvell shares rocket 25% on earnings beat and ‘tremendous’ business potential for A.I.

by Editor May 26, 2023, 5:29 pm 2k Views

Marvell shares rocket 25% on earnings beat and 'tremendous' business potential for A.I.

Matt Murphy, CEO, Marvell Technology

Scott Mlyn | CNBC

Shares of Marvell Technology continued a significant overnight rally Friday morning, surging about 25% off the back of quarterly earnings results that beat on the top and bottom lines.

On Thursday, the chipmaker posted 31 cents in adjusted earnings per share for the first quarter, more than the Refinitiv consensus estimate of 29 cents per share. Revenue came in at $1.32 billion for the…

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