February 26, 2024

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AVGO Stock, MRVL moving on earnings news

AVGO Stock, MRVL moving on earnings news

chip makers from Broadcom (AVGO) And Marvell technology (MRVL) diverged from its quarterly results late Thursday. AVGO stock rose after the Broadcom report, but MRVL stock fell on the Marvell news.




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Broadcom, based in San Jose, California, earned adjusted $10.33 a share on sales of $8.92 billion in the fiscal first quarter ended January 3. 29 Analysts polled by FactSet expected earnings of $10.17 per share on sales of $8.9 billion. On a year-over-year basis, Broadcom’s earnings are up 23% with sales up 16%.

For the current quarter ending April 30, Broadcom projected sales of $8.7 billion, up 7% from the same period last year. Wall Street had expected $8.58 billion in sales in the fiscal second quarter.

Meanwhile, Santa Clara, California-based Marvell earned 46 cents an adjusted share of $1.42 billion in sales in the fourth fiscal quarter ended Jan. 3. 28- Wall Street had forecast earnings of 46 cents per share on sales of $1.4 billion. On a year-over-year basis, Marvell’s earnings fell 8% as sales rose 6%.

For the current quarter, Marvell expected 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 in the fiscal first quarter.

AVGO stocks up, MRVL stocks down

In after-hours stock market trading today, AVGO stock was up 0.4%, at 600.75. During the regular session, AVGO stock rose by 0.9%, closing at 598.65.

But in extended trading Thursday, MRVL stock fell 8.8% to 42.17. During the regular session, MRVL stock rose 1.9%, closing at 46.23.

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AVGO stock is at IBD Tech Leaders and Big Cap 20 Stock listings.

Analysts say that Broadcom and Marvell, along with nvidia (NVDA), are the potential beneficiaries of 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 @employee For more stories on consumer technologies, software and semiconductor stocks.

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