Marvell Technology Q2 revenue tops estimates as data center revenue nearly doubles

Investing.comAug 29, 2024 9:04 PM

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Investing.com - Marvell Technology on Thursday reported second-quarter revenue that topped Wall Street estimates as the chipmaker's data center business nearly doubled revenue amid strong artificial-intelligence-led demand.

Marvell Technology Inc (NASDAQ:MRVL) rose more than 5% in afterhours trading following the report.

For the three months ended Aug. 3, the company reported adjusted earnings of $0.30 per diluted share on revenue of $1.27 billion, compared with analyst estimates for $0.30 per share and $1.25B, respectively

Data center revenue, which accounts for 69% of total growth, nearly doubled in Q2 from a year earlier, rising 92% to $880.9M, offsetting weakness seen in its other four end markets including enterprise networking, carrier infrastructure, consumer, and automotive.

"We saw strong growth from our electro-optics products and our custom AI programs began to ramp," the company said, adding that it expected see some of its end markets return to growth. "Next quarter, we expect our combined enterprise networking and carrier end markets to return to growth."

Looking ahead to Q3, EPS was guided in a range of $0.35 to $0.45 on revenue of $1.45B, give or take 3%. That compared with estimates for EPS of $0.38 cents on revenue of $1.41 billion.

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