Why Marvell Technology Stock Jumped Today

Shares of Marvell Technology (NASDAQ: MRVL) have jumped today, up by 6% as of 12:50 p.m. EDT, after the company reported fiscal first-quarter earnings. The chipmaker topped Wall Street's forecasts for both sales and profits.

Revenue in the fiscal first quarter came in at $694 million, easily beating the $678.7 million in sales that analysts were modeling for. That resulted in adjusted net income of $118 million, or $0.18 per share. The market was expecting just $0.14 per share in adjusted profit. Marvell generated $176 million in operating cash flow and finished the quarter with $668 million in cash on the balance sheet.

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Source Fool.com