5 Stocks Moving on Quarterly Reports

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

Number of Hedge Fund Holders: 63

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) rose over four percent in the pre-market trading session on Friday, May 27, 2022, following an upbeat financial performance for its fiscal first quarter.

Marvell Technology, Inc. (NASDAQ:MRVL) earned 52 cents per share on an adjusted basis, just above the consensus of 51 cents per share. Revenue for the quarter skyrocketed 74 percent versus last year to $1.45 billion, exceeding the expectations of $1.43 billion.

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For its fiscal second quarter, Marvell Technology, Inc. (NASDAQ:MRVL) guided for adjusted earnings of approx. 56 cents per share and revenue of about $1.515 billion.

Discussing the results, CEO Matt Murphy said in a statement:

“Revenue exceeded the midpoint of guidance, driven by higher-than-forecasted results from the datacenter end market. Our new product ramps and growth in content have been instrumental in driving strong revenue growth.”