Why Marvell Technology Isn’t Done Growing Yet
In Marvell Technology Group's (NASDAQ: MRVL) third-quarter earnings report, the chipmaker beat expectations on both the top and bottom lines, and issued terrific guidance that easily bested Wall Street forecasts.
Marvell reported adjusted earnings of $0.34 per share on revenue of $616 million. Though revenue fell 1% year over year thanks to the weakness in the storage business, adjusted net income shot up 53% from the prior-year period because of an aggressive cost-cutting plan.
The good news for Marvell investors is that it expects to resume its top-line growth from the current quarter. The midpoint of company guidance puts the company's fourth-quarter revenue at $610 million, an increase of almost 7% from the year-ago quarter, pushing its adjusted earnings to $0.31 per share from last year's $0.22.
Source: Fool.com
Marvell Technology Inc. Stock
The stock is one of the favorites of our community with 45 Buy predictions and 2 Sell predictions.
With a target price of 78 € there is a positive potential of 24.72% for Marvell Technology Inc. compared to the current price of 62.54 €.
