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Marvell Jumps As CEO Feels Prospects Never Been Stronger

Published 2021-06-08, 11:34 a/m
Updated 2021-06-08, 11:34 a/m
© Reuters.

© Reuters.

By Dhirendra Tripathi

Investing.com – Marvell Technology (NASDAQ:MRVL) shares were up more than 4% during the session Tuesday after the CEO’s emphatic comments about the future of the company.

“I have never felt stronger about our prospects and believe that we are at the beginning of a multi-year growth cycle," President and CEO Matt Murphy said Monday while revealing the company’s number for its first quarter ended May 1.

Murphy’s views came as the company beat estimates for both the top and bottom lines.

For the first quarter, the company reported 29 cents as non-GAAP diluted income per share. The Street expected it at 27 cents.

Net revenue of $832.27 million grew by 20% year-on-year on the back of demand for its infrastructure semiconductor solutions like networking and storage products.

It expects second quarter net revenue to be $1.06 billion with a plus/minus 3% variation. Non-GAAP diluted income per share is expected to be between 28 cents and 34 cents.

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