Marvell Technology’s shares rise by 3%

A photo of Marvell Technology’s office
Marvell Technology’s office

Marvell Technology is an American company that specializes in creating networking and data storage chips used for cloud computing, automotive, communications, and more.

Marvell Technology surpassed Wall Street’s prediction for its quarterly reports. The company’s earnings and sales increased by 61% and 20% respectively. Marvell Technology declared a net profit of $832.3 million.

Marvell Technology also credited its sales and growth increment to its acquisition of Inphi which cost $10 billion, calling it the company’s largest end market by revenue.

For its next quarterly report, Marvell Technology stated that the company aims to earn a net profit of $1.065 billion while financial analysts predict that the company will earn $841 million instead.

Marvell Technology did not reveal any strategy that they have put in place to enable them to achieve this.

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