5 Stocks Making Big Moves After Earnings Reports

3. Marvell Technology, Inc. (NASDAQ:MRVL)

Number of Hedge Fund Holders: 60

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) turned red in the early trading session on Friday, March 4, 2022, despite its upbeat financial performance for the fourth quarter. The Delaware-based semiconductors company reported adjusted earnings of 50 cents per share, significantly higher than 29 cents per share in the fourth quarter of 2020.

Revenue came in at $1.343 billion, up 68 percent on a year-over-year basis. Analysts expected Marvell Technology, Inc. (NASDAQ:MRVL) to report earnings of 48 cents per share on revenue of $1.32 billion.

Marvell Technology, Inc. (NASDAQ:MRVL) also released its profit outlook for the current quarter. It expects adjusted earnings between 48 – 54 cents per share, compared to analysts’ average estimate of 50 cents per share.

Speaking on the results, CEO Matt Murphy said in a statement:

“Revenue grew in all five of our end markets in the fourth quarter, with strong contributions from cloud, 5G and auto, which together represented 40% of total revenue. In addition, our enterprise networking end market has become another growth pillar, with revenue increasing 64% year over year, driven by our content gains and share increases, as enterprises continue to transform their infrastructure to address the needs of a more flexible, hybrid workforce.”