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Why Marvell Technology Stock Soared 29% Friday

TheMotleyFool

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Following in the footsteps of Nvidia (NASDAQ: NVDA), which soared yesterday, Marvell Technology (NASDAQ: MRVL) is off to the races Friday afternoon -- up 28.6% through 1:05 p.m. ET. Actually, that's an even better performance than the 24.4% gain that Nvidia shareholders enjoyed yesterday!

Once again, the reason is earnings.

Heading into its fiscal Q1 2024 report, analysts had forecast the semiconductors specialist would earn $0.29 per share (adjusted for one-time items) on sales of $1.3 billion. In fact, Marvell earned $0.31 per share, and sales were $1.32 billion.

Source Fool.com

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