Marvell Tech (NASDAQ:MRVL) stock is soaring higher on Friday as investors react to the company’s earnings report for the first quarter of 2023.
Marvell starts off the year strong with its adjusted earnings per share of 31 cents. That’s above the 29 cents per share that Wall Street was expecting in Q1. It also matches what was reported in the same period of the year prior.
Coming in alongside that is Marvell’s revenue of $1.32 billion. Yet again, that beats out analysts’ revenue estimate of $1.3 billion for the quarter. However, it is down slightly from the $1.45 billion reported in the first quarter of 2022.
Matt Murphy, president and CEO of Marvell, said the following in the earnings report:
“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. 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 Stock Outlook
Also helping out Marvell shares today is its outlook for the second quarter of 2023. The company expects adjusted EPS between 27 cents and 37 cents and revenue of $$1.33 billion, plus or minus 5%.
To put that guidance in perspective, Wall Street is looking for adjusted EPS of 31 cents and revenue of $1.31 billion for the second quarter of 2023. This would have the company beating out analysts’ estimates for the quarter.
All of this positive news saw Citi take note of MRVL stock today. This saw the firm cite Marvell as a potential major player in the growing artificial intelligence ( ) space.
MRVL stock is up 16.8% as of Friday morning.
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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.