Buy This Top Growth Stock Riding the 5G and Data Center Wave
Marvell Technology Group (NASDAQ: MRVL) has stepped on the gas amid the coronavirus pandemic thanks to the rollout of 5G wireless networks and an uptick in demand for data center chips.
These two factors have helped Marvell ramp up its revenue growth, as evident from the company's latest fiscal 2020 second-quarter results. The chipmaker exceeded Wall Street's expectations with year-over-year revenue growth of 11% to $727 million. Adjusted earnings tripled year over year to $0.21 per share.
The double-digit top-line growth was driven by a nice jump in Marvell's networking revenue that increased 23% over the prior-year period. Marvell credited the "ongoing 5G deployments in China" and a ramp-up in the sales of custom data center chips to a new hyperscale customer for the networking segment's impressive showing.
Source Fool.com
