Chipmakers Broadcom (AVGO) and Marvell technology (MRVL) week Thursday talks about their quarterly results. AVGO shares rose after Broadcom’s report, but MRVL shares fell on Marvell’s news.
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San Jose, California-based Broadcom earned an adjusted $10.33 per share on revenue of $8.92 billion in its fiscal first quarter ended Jan. 29. Analysts polled by FactSet had expected earnings of $10.17 per share on revenue of $8.9 billion. On a year-over-year basis, Broadcom’s revenue grew 23% while revenue grew 16%.
For the current quarter ended April 30, Broadcom forecast revenue of $8.7 billion, up 7% from the same period last year. Wall Street forecast revenue of $8.58 billion in the fiscal second quarter.
Meanwhile, Santa Clara, California-based Marvell earned an adjusted 46 cents per share on revenue of $1.42 billion in its fiscal fourth quarter ended Jan. 28. Wall Street had forecast earnings of 46 cents per share on revenues of $1.4 billion. On a year-over-year basis, Marvell’s profit fell 8% while sales increased 6%.
For the current quarter, Marvell forecast adjusted earnings of 29 cents per share on revenue of $1.3 billion. Analysts had expected earnings of 42 cents per share on revenue of $1.38 billion in the fiscal first quarter.
AVGO shares rise, MRVL shares fall
In after-hours trading on the stock market today, AVGO shares rose 0.4% to 600.75. During the regular session, AVGO shares rose 0.9% to close at 598.65.
But during extended trading on Thursday, MRVL shares fell 8.8% to 42.17. During the regular session, MRVL shares rose 1.9% to close at 46.23.
AVGO stock is listed on the IBD Tech Leaders and Big Cap 20 stock lists.
Analysts say Broadcom and Marvell together with Nvidia (NVDA), are likely to benefit from increased investment in artificial intelligence. Broadcom and Marvell provide high-speed networking and application-specific integrated circuits for high-performance computer systems.
Follow Patrick Seitz on Twitter @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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