chip manufacturer Broadcom (AVGO) and Marvell technology (MRVL) split on their quarterly results late Thursday. AVGO stock rose after Broadcom’s report, but MRVL stock fell on the news from Marvell.
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Broadcom, based in San Jose, Calif., earned an adjusted $10.33 per share on revenue of $8.92 billion for the fiscal first quarter ended Jan. 29. Analysts polled by FactSet had expected earnings of $10.17 per share on sales of $8.9 billion. Year over year, Broadcom’s earnings rose 23% while revenue rose 16%.
For the current quarter ending April 30, Broadcom forecast revenue of $8.7 billion, up 7% from the same period last year. Wall Street had forecast revenue of $8.58 billion for the fiscal second quarter.
Marvell, based in Santa Clara, Calif., earned an adjusted 46 cents a share on revenue of $1.42 billion for the fourth quarter of the fiscal year ended Jan. 28. Wall Street had forecast earnings of 46 cents a share on sales of $1.4 billion. Year over year, Marvell’s earnings fell 8% while revenue rose 6%.
For the current quarter, Marvell forecast adjusted earnings of 29 cents a share on sales of $1.3 billion. Analysts had expected earnings of 42 cents per share on sales of $1.38 billion for the fiscal first quarter.
AVGO stock rises, MRVL stock falls
In after-hours trading on the stock exchange today, AVGO shares are up 0.4% to 600.75. During the regular session, AVGO shares rose 0.9% to close at 598.65.
But in Thursday’s extended trading, 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 on the IBD Tech Leaders and Big Cap 20 stock lists.
Analysts say Broadcom and Marvell along 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 computing systems.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories about consumer technology, software and semiconductor stocks.
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