May 30, 2023 -On Friday, shares of Marvell Technology continued a significant overnight rally, surging about 25% off the back of quarterly earnings results that beat on the top and bottom lines.
On Thursday, the chipmaker posted 31 cents in adjusted revenue per share for the first quarter, more than the Refinitiv consensus estimate of 29 cents per share. Revenue came in at $1.32 billion for the period, more than the $1.3 billion analyst consensus.
On an analyst conference call, Marvell CEO Matthew Murphy said the company had begun reassessing how it looked at A. I’m “tremendous” business potential.
“In the past, we considered A.I. to be one of many applications within the cloud, but its importance and, therefore, the opportunity has increased dramatically,” Murphy said.
Citi analysts stated that investors that the firm has a significant opportunity to grow its AI-driven revenue. Citi upped its price target from $58 to $61 and maintained its buy rating.
“In FY2023, MRVL estimated its A.I. revenue to be ~ $200 million, representing a strong uptick from FY22. The company expects A.I. sales to reach ~$400M+ in FY24 before doubling in FY25,” the note from Citi’s Atif Malik said.
Many semiconductor firms experienced a lift from Nvidia’s Wednesday blowout earnings report. Nvidia’s market capitalization now sits close to $1 trillion.
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