Marvell Technology Q2 Earnings Top Estimates
2022.08.26 00:22
By Yasin Ebrahim
Investing.com – Marvell Technology reported Thursday better-than-expected second-quarter profit, led by strong growth in its data center business.
Marvell Technology (NASDAQ:MRVL) was DOWN 1.9% in afterhours trading following the report.
The chipmaker reported Q2 adjusted earnings per share of 57 cents on revenue of $1.52 billion, compared with estimates for 56 cents on revenue of $1.52 billion.
Revenue grew substantially in each of its five end markets – data center, carrier infrastructure, enterprise networking, consumer, and automotive/industrial — with data center, which makes up the bulk of growth, rising 48% year over year in Q2.
Looking ahead the company said it expects “sequential revenue growth to accelerate in the fourth quarter as supply constraints begin to ease.”
