Marvell Technology Q1 Results Beat Street View

(RTTNews) - Marvell Technology Inc. (MRVL), Monday reported first-quarter net loss of $88.2 million or $0.13 per share, narrower than last year's loss of $113.0 million or $0.17 per share last year.

Adjusted earnings for the quarter was $0.29 per share, compared to a loss of $0.18 per share last year.

Revenues for the quarter rose 20% to $832.3 million from $693.6 million last year.

Analysts polled by Thomson Reuters estimated earnings of $0.27 per share on revenues of $804.12 million for the quarter.

"We began fiscal 2022 on a strong note, with stand-alone Marvell revenue growing 17% year-over-year for the first quarter. The acquisition of Inphi increases and accelerates our growth opportunity in the data center, Marvell's largest end market by revenue," said Matt Murphy, Marvell's President and CEO. "Marvell's outlook for strong revenue growth in the second quarter highlights robust demand across all our key end markets. I have never felt stronger about our prospects and believe that we are at the beginning of a multi-year growth cycle."

Looking forward to the second quarter, the company expects revenues of $1.065 billion, plus or minus 3%, and adjusted earnings of $0.31 per share, plus or minus $0.03. Analysts currently estimate earnings of $0.30 per share on revenues of $1.04 billion.