Why Marvell Technology Stock Surged Today
Shares of Marvell Technology (NASDAQ: MRVL) jumped on Friday after the chipmaker delivered better than expected fiscal 2022 third-quarter results.
As of 3:20 p.m. ET, Marvell's stock price was up more than 17%.
Marvell's net revenue surged 61% year over year to $1.2 billion. The semiconductor company enjoyed strong growth across all five of its major business segments. Revenue in Marvell's data center and automotive/industrial divisions more than doubled, while sales in its enterprise networking, carrier infrastructure, and consumer segments increased 56%, 28%, and 20%, respectively.
Source Fool.com
