Why Marvell Technology Rallied in March
Shares of chipmaker Marvell Technology (NASDAQ: MRVL) rallied in March, rising 21.3% according to data from S&P Global Market Intelligence.
Marvell had a busy month, reporting fourth-quarter earnings that beat expectations. Later in the month, the company also announced a landmark investment from and product collaboration with Nvidia (NASDAQ: NVDA).
In its fiscal fourth quarter, Marvell reported a 22.1% jump in revenue to $2.2 billion, with adjusted (non-GAAP) earnings per share rising 33.3% to $0.80. Management also guided for a strong 9% sequential jump in revenue in the first quarter, with a guide for $0.79 in adjusted EPS. The reported results and guidance both handily beat analysts' expectations.
Source Fool.com
