Why Marvell Technology Stock Gained After-Hours
Portfolio Pulse from Ryan Gustafson
Marvell Technology, Inc. (NASDAQ:MRVL) reported Q3 earnings with adjusted EPS of $0.41, surpassing estimates by $0.01. Revenue was $1.419 billion, exceeding expectations and marking a 6% sequential growth, but an 8% year-over-year decrease. The company's gross margin was 38.9%, and it had $725.6 million in cash. Q4 outlook anticipates revenue of $1.420 billion and non-GAAP EPS of $0.46. The stock rose 1.47% in after-hours trading.
November 30, 2023 | 9:42 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Marvell Technology reported higher than expected Q3 earnings and revenue, with a positive outlook for Q4, leading to a 1.47% increase in after-hours trading.
The positive earnings report and revenue beat, along with a strong outlook for the next quarter, typically result in a positive short-term impact on the stock price. The after-hours increase indicates a positive market reaction, which may continue into the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100