Why Marvell Technology's Stock Jumped 13% Today
The stock of Marvell Technology (NASDAQ: MRVL) was soaring Thursday morning. The designer of semiconductors for mobile and embedded systems reported solid fourth-quarter results Wednesday night, edging out analyst estimates across the board. By 11:25 a.m. EST today, Marvell's stock was trading 13.2% higher.
Fourth-quarter revenue fell 3.6% year over year to $718 million, but your average analyst would have settled for sales near $713 million. Adjusted earnings decreased by 32%, stopping at $0.17 per share. That was still a penny above Wall Street's consensus estimate. Management also set up first-quarter guidance targets just ahead of current Street estimates, aiming for earnings of approximately $0.14 per share on sales in the neighborhood of $680 million.
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Source Fool.com
