Why Marvell Technology Group Ltd. Shares Jumped Today
Shares of Marvell Technology Group (NASDAQ: MRVL) soared on Friday morning, rising as much as 10.2% around 10:30 a.m. EDT. The maker of controller chips for data storage and networking products reported second-quarter results after the closing bell on Thursday, exceeding analyst expectations across the board.
Marvell's second-quarter sales increased by 1% year over year, landing at $605 million. Adjusted earnings rose 67% to $0.30 per share. Analysts would have settled for earnings of $0.28 per share on revenues near $601 million. The headline results also landed at the top end of Marvell's guidance for the quarter. Furthermore, Marvell's free cash flows more than doubled from $38 million to $89 million.
Image source: Getty Images.
Source: Fool.com
Marvell Technology Inc. Aktie
Die Community bevorzugt Marvell Technology Inc., mit deutlich mehr Buy- (52) als Sell-Einschätzungen (2).
Für Marvell Technology Inc. sieht die Community ein Kursziel von 82 €, was eine erhebliche Steigerung um über 20% gegenüber dem aktuellen Kurs von 63.58 € bedeutet.
