This Tech Stock Is Soaring After a Blockbuster Quarter

Marvell Technology Group (NASDAQ: MRVL) has borne the brunt of the stock market sell-off in 2022 so far, but shares of the chipmaker were soaring following the release of its fiscal 2023 first-quarter results (for the three months ended April 30) on May 26.

The company, whose chips are used in several fast-growing areas such as data centers, automotive, enterprise networking, and carrier infrastructure, reported impressive growth in revenue and earnings. Even better, Marvell's guidance showed investors that its impressive growth is here to stay, which explains why the stock price popped 6.7% after the results were out.

Let's take a closer look at Marvell's quarterly performance and check why this semiconductor stock could sustain its impressive growth for a long time to come.

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Source Fool.com