Marvell posted strong revenue as it moves from consumer to cloud – Reuters

Matt Murphy, CEO, Marvell Technology

Scott Mlyn | CNBC

Marvell Technology (MRVL) reported better-than-expected quarterly results on Thursday after closing the bell. The semiconductor company posted record revenue of $ 1.45 billion for the first quarter of its 2023 fiscal year, up 74% from a year before and exceeding Street expectations of $ 1.43 billion.

Adjusted earnings per share of 52 cents lost the consensus estimate of 52 cents. In addition, the company reported a fixed gross margin of 65.5%, in line with expectations.

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