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Marvell Technology Q4 Guidance Tops Estimates Amid Upbeat Outlook on 5G -Breaking

by Mike Robinson

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By Yasin Ebrahim

Marvell Technology provided better than expected fourth-quarter guidance to investors after its third quarter results beat Wall Street’s estimates. This was due in part to the strong performance of Marvell Technology’s data centre business. 

After-hours trading for Marvell Technology (NASDAQ 🙂 rose 11.21% following the release.

Qu3EPS were 43 cents on $1.21 Billion in revenue, and 38 cents upon $1.15 Billion revenue.

Each of our end markets saw significant revenue growth, with data center leading the charge at 41% of total revenue. This was followed by a 15 percent increase in sequential sales and 109 percent annualized,” stated Matt Murphy, Marvell’s CEO and President.

Looking forward to Q4, EPS was expected to range from 45c to 51c on $1.32 Billion in revenue, plus or minus 3%. This compares to EPS estimates of 42c per $1.21 million.

The company stated that sequential revenue growth is expected to be 9 percent for the fourth quarter. 5G is predicted to rise by 30% sequentially, and the data center is anticipated to keep growing in double-digit percentages.

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