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.

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Source: Fool.com