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.
Zabih Ullah is a seasoned finance writer with more than ten years of experience. He is highly skilled at analyzing market trends, decoding economic data, and providing insightful commentary on various financial topics. Driven by his curiosity, Zabih stays updated with the latest developments in the finance industry, ensuring that his readers receive timely and relevant news and analysis.
