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

* 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

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(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.)