Marvell Technology Group Ltd. (NASDAQ:MRVL) reported better-than-expected revenues and profits for the third quarter, sending shares of the data infrastructure semiconductor solutions provider almost 23% higher on Wednesday.
Revenue for the period was $1.52 billion, $66 million above the midpoint of the company’s guidance and ahead of Street estimates of $1.46 billion.
Earnings per share were $0.43 per share, $0.02 above the consensus of $0.41.
The company’s fourth quarter guidance also impressed at $1.8 billion at the EPS of $0.59 at the midpoint. Both exceeded market forecasts of $1.7 billion and $0.52, respectively.
"Marvell's fiscal third quarter 2025 revenue grew 19% sequentially, well above the mid-point of our guidance, driven by strong demand from AI,” Marvell CEO Matt Murphy said.
“For the fourth quarter, we are forecasting another 19% sequential revenue growth at the midpoint of guidance, while year-over-year, we expect revenue growth to accelerate significantly to 26%, marking the beginning of a new era of growth for Marvell.”
Murphy added that the company expects a strong finish to this fiscal year and “substantial momentum” to continue into fiscal 2026.
Shares of Marvell added 22.8% just shy of $118 in the early afternoon on Wednesday.