Overview
Marvell Q3 revenue rises 37% yr/yr to $2.075 bln, edging past analyst expectations
Adjusted EPS for Q3 beats analyst expectations
Company completes sale of automotive ethernet business, gains $1.8 bln pre-tax
Outlook
Marvell expects Q4 revenue of $2.200 bln +/- 5%
Company forecasts full-year revenue growth to exceed 40%
Marvell anticipates higher data center revenue growth next year
Result Drivers
DATA CENTER DEMAND - Record revenue driven by strong demand for data center products, per CEO Matt Murphy
AUTOMOTIVE SALE IMPACT - Sale of automotive ethernet business resulted in $1.8 bln pre-tax gain
AI INFRASTRUCTURE ENHANCEMENT - Acquisition of Celestial AI to strengthen AI datacenter infrastructure
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Slight Beat* | $2.08 bln | $2.07 bln (30 Analysts) |
Q3 Adjusted EPS | Beat | $0.76 | $0.73 (30 Analysts) |
Q3 EPS | $2.20 | ||
Q3 Net Income | $1.90 bln | ||
Q3 Gross Margin | 51.60% |
* Applies to a deviation of less than 1%; not applicable for per-share numbers.Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 30 "strong buy" or "buy", 13 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the semiconductors peer group is "buy"
Wall Street's median 12-month price target for Marvell Technology Inc is $90.00, about 1.2% below its December 1 closing price of $91.10
The stock recently traded at 28 times the next 12-month earnings vs. a P/E of 20 three months ago
Press Release: ID:nBw3n9hKka
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)