Shares of Marvell Technology, Inc. (NASDAQ: MRVL) skyrocketed 32.67% following the release of its financial results for the first quarter of fiscal year 2024.
The company’s Q1 net revenue reached an impressive $1.517 billion, showing a substantial year-on-year growth of 41%. Moreover, Marvell Technology reported a gross margin of 51.8% based on GAAP standards and an even higher non-GAAP gross margin of 65.0%.
In terms of net income, Marvell Technology disclosed a GAAP net income of $4 million, equivalent to $0.01 per diluted share. Its non-GAAP net income amounted to a much larger $486 million, translating to $0.57 per diluted share. The company’s cash flow from operations for the quarter amounted to $331 million.
Looking ahead, Marvell Technology anticipates its adjusted earnings per share (EPS) for Q2 to be in the range of $0.27 to $0.37. This forecast is slightly lower than the estimated $0.31, but the company expects its net revenue for the quarter to be $1.33 billion, with a margin of error of +/- 5%. This projection exceeds the estimated $1.31 billion.
As of press time, Marvell Technology, Inc. (MRVL), a leader in data infrastructure semiconductor solutions, is trading at the price of $65.63, representing an eye-popping surge of 32.67% compared to the previous trading session. The market cap for MRVL currently stands at $41.83B. In addition, MRVL stock opened at $58.74 and experienced a range of $58.58 to $64.36, with a volume of 2,542,071.