Marvell Technology is the latest semiconductor company in as many days to see its shares rocket higher after the company’s first-quarter results beat Street expectations on the top and bottom lines.
The chipmaker posted revenue of $1.32 billion, topping expectations of $1.3 billion, and earnings of $0.31 per share, beating estimates of $0.29 per share.
Marvell also said it expects artificial intelligence revenue to double this year "and continue to grow rapidly in the coming years,” according to CEO Matt Murphy. Second-quarter cloud revenue is expected to grow 10% sequentially to $1.33 billion, above Street estimates of $1.31 billion.
Marvell shares gained more than 25% Friday morning to $62.19.
This comes just a day after fellow chipmaker Nvidia saw its stock jump nearly 25% on first-quarter results that blew past expectations.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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