Shares of Marvell Technology Inc MRVL are trading much higher during Thursday's after-hours session following the company's first quarter earnings print; here's what investors need to know.
By The Numbers: The Santa Clara-based semiconductor company reported earnings per share of 31 cents, which came ahead of a 29-cent Street estimate, on revenues of $1.322 billion, which came ahead of a $1.3 billion estimate, according to Benzinga Pro.
The company ended the quarter with $911 million in cash and cash equivalents.
“AI has emerged as a key growth driver for Marvell, which we are enabling with our leading network connectivity products and emerging cloud-optimized silicon platform,” CEO Matt Murphy said in a statement.
“While we are still in the early stages of our AI ramp, we are forecasting our AI revenue in fiscal 2024 to at least double from the prior year and continue to grow rapidly in the coming years.”
MRVL Price Action: Shares of Marvell Technology are trading 16.45% higher to $57.61 in after-hours trading, according to Benzinga Pro.
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