Original Content- Business Upside
Find out what happened to Marvell technology stock in this brief write-up. Marvell Technology shares (MRVL 17.68%) surged Friday following the chipmaker’s stellar performance delivering much better than what was expected during fiscal 2022 3rd quarter results. On Friday as of ET 3:20 PM, the stock price of the company was up by more than 17%.
Marvell News – More about the stock surge
The net revenue surged 61% Y-o-Y (year on year) to $1.211 billion, which is far more in estimates of $1.149 billion as per FactSet. Defying the FactSet consensus of $0.38, the Adjusted earnings per share increased 72% YoY and was found to be at $0.43, and above the guidance range of the management. Aside from the headline results, the non-GAAP gross margin was 65.1% and the operating margin was 34.5%.
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