Broadcom (AVGO) and Marvell Technologies (MRVL) reported quarterly results that differed late Thursday. AVGO stock soared on Broadcom’s report, while MRVL shares declined following Marvell’s announcement.
Broadcom Inc. is an American semiconductor and infrastructure software product innovator, developer, manufacturer, and worldwide supplier.
Broadcom, located in San Jose, California, earned an adjusted $10.33 per share on revenues of $8.92 billion in its fiscal first quarter ended January 29. FactSet surveyed analysts, who predicted profits of $10.17 per share on sales of $8.9 billion. Broadcom’s profits jumped 23% year on year, while revenues increased 16%.
Broadcom expects revenue of $8.7 billion for the current quarter ending April 30, up 7% from the same time last year. Wall Street anticipated fiscal second-quarter revenues of $8.58 billion.
Meanwhile, Marvell earned an adjusted 46 cents per share on sales of $1.42 billion in its fiscal fourth quarter ended January 28. Earnings of 46 cents per share on $1.4 billion in sales were predicted by Wall Street. Marvell’s profits fell 8% year on year while sales increased 6%.
Marvell Technology, Inc. is an American company, headquartered in Santa Clara, California, which develops and produces semiconductors and related technology. Founded in 1995, the company had more than 6,000 employees as of 2021, with over 10,000 patents worldwide, and an annual revenue of $4.5 billion for 2021.
Marvell expects adjusted profits per share of 29 cents on sales of $1.3 billion in the upcoming quarter. Economists expected profits per share of 42 cents on revenues of $1.38 billion in the fiscal first quarter.
The AVGO stock is rising, but the MRVL stock is falling
AVGO shares rose 0.4% to 600.75 in after-hours trade today on the stock exchange. AVGO shares rose 0.9% during the regular session to finish at 598.65.
Nevertheless, in Thursday’s extended session, MRVL shares slid 8.8% to 42.17. MRVL shares climbed 1.9% during the regular session to finish at 46.23.
The IBD Tech Leaders and Large Cap 20 stock lists include AVGO.
Experts believe Broadcom and Marvell, as well as Nvidia (NVDA), will benefit from greater investment in artificial intelligence. Broadcom and Marvell make high-performance networking and application-specific integrated circuits.
