Marvell Results Beat in Q1; Eyes Data Center Boost From Inphi Acquisition By Investing.com

By Yasin Ebrahim

Marvell (NASDAQ:MRVL) reported Monday first quarter results that that topped expectations, and rolled out better guidance than expected for the current quarter amid a boost data center growth from the acquisition of Inphi (NASDAQ:IPHI).

Marvell shares gained 2.48% in after-hours trade following the report.

Marvell announced earnings per share of 29 cents on revenue of $832.3 million. Analysts polled by Investing.com anticipated EPS of 27 cents on revenue of $805.8 million.

The company completed the acquisition of Inphi about 10 days before the end of the quarter, and the Q1 results included the adjusted Inphi financials for the period.

Stand-alone Marvell revenue grew 17% year-over-year to $810.5 million for the first quarter, while combined revenue including the contribution from Inphi was $832.3 million.

Looking ahead to Q2, the company guided EPS in the range of 28 cents to 34 cents on revenue of $1.065 billion, compared with Wall Street expectations for EPS of 30 cents on revenue of $840.2 million.

“Marvell’s outlook for strong revenue growth in the second quarter highlights robust demand across all our key end markets. I have never felt stronger about our prospects and believe that we are at the beginning of a multi-year growth cycle,” the company said.

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