1 Top Stock Down 53% to Buy Hand Over Fist Before 2022 Ends
Shares of Marvell Technology (NASDAQ: MRVL) have been heading lower following the release of the company's fiscal 2023 third-quarter earnings report (for the three months ending Oct. 29, 2022) on Dec. 1. The chipmaker failed to offer solid guidance, leading investors to press the panic button.
Marvell reported impressive year-over-year growth last quarter, but is contending with soft demand in certain areas. More specifically, Marvell's storage customers are reducing inventories, reflecting the weak demand environment. Savvy investors, however, may want to take a closer look at this semiconductor stock, as its diversified business should allow it to tide over the near-term headwinds and soar higher in the new year and beyond.
Marvell reported fiscal Q3 revenue of about $1.54 billion, an increase of 27% over the prior-year period. The company's adjusted net income jumped 32% year over year to $0.57 per share. On the latest earnings conference call, Marvell management attributed the healthy growth to cloud computing, 5G infrastructure, and automotive businesses.
Source Fool.com
