Marvell Technology Group (NASDAQ: MRVL) on Thursday reported better-than-expected results, sending the stock up 2% during after-market hours.
The chipmaker reported a 9.6% growth in revenues to $662 million in the first quarter of 2019. Adjusted EPS, meanwhile, halved year-over-year to 16 cents per share. Analysts were expecting the chipmaker to post Q1 earnings of 14 cents per share on revenues of $650.21 million.
Marvell stock has gained 34.5% so far this year.
For the second quarter, the company projects revenue to be about $650 million, while adjusted earnings are expected to come in the range of $0.13 to $0.17 per share.
Marvell CEO Matt Murphy said, “With the production ramp of our first 5G products later this year, and a growing pipeline of new wireless infrastructure design wins, Marvell is well positioned to becoming a leading silicon supplier to this market.”
Earlier this week, rival NXP Semiconductors (NASDAQ: NXPI) had announced its plan to acquire Marvell’s Wi-Fi Connectivity business, in a deal that is expected to enhance Marvell’s margins. The transaction is expected to close by March 2020.
Marvell and its peers have been facing the brunt of weak macros, reduction in spending from their clients and a shortage of CPUs, which has been reflected in their earnings. However, the company is seeing strong demand for its networking products from 4G and 5G deployments.
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