Marvell Technology (NASDAQ:MRVL) stock is on the move Friday following the release of the company’s earnings report for the third quarter of fiscal 2022.
Let’s dive into that earnings report below to see what has holders of MRVL stock smiling today!
- The earnings report starts off strong with adjusted earnings per share of 43 cents.
- That’s a boon to MRVL stock as it beats out Wall Street’s estimate of 38 cents per share.
- It’s also an improvement over the company’s adjusted EPS of 34 cents from the same period of the year prior.
- Another positive in the Marvell Technology earnings report is revenue of $1.21 billion.
- That’s another win for MRVL stock compared to analysts’ Q3 estimates of $1.15 billion.
- It also represents a 61% revenue growth year-over-year from $1.08 billion.
- Strong guidance for Q4 fiscal 2022 is another boon to MRVL stock today.
- The semiconductor company is looking for adjusted per-share earnings between 45 cents and 51 cents.
- At the low end, that would still come in above Wall Street’s estimate of 43 cents per share.
- Marvell Technology is also expecting revenue of $1.320 billion, plus or minus 3%, during the quarter.
- That’s also looking good for the stock next to analysts’ revenue estimate of $1.21 billion.
- The strong earnings beat and guidance today has MRVL stock seeing heavier-than-normal trading.
- That has some 16 million shares of the stock changing hands as of this writing.
- That’s already well above the company’s daily average trading volume of about 6.1 million shares.
MRVL stock is up 16.5% as of Friday morning and is up 79.2% since the start of the year.
There’s more recent stock market news for investors to dive into below!
InvestorPlace is home to all the latest stock market news and we aren’t slacking just because it’s Friday. Our coverage today includes what to know about the FTC lawsuit Nvidia (NASDAQ:NVDA) is facing, this morning’s biggest pre-market stock movers, as well as the latest news affecting airline stocks. You can find all of that at the following links!
More Stock Market News for Friday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.