Marvell’s Recent Rally Meets Higher Earnings and Sales Forecasts

Marvell Technology gained 28% over the past month, while the Zacks S&P 500 composite fell 0.4% and the semiconductor industry rose 7.4%, according to Zacks. The chipmaker has also been among the most searched-for stocks on Zacks.com.

Zacks consensus earnings estimates for Marvell’s current quarter and fiscal years have risen over the past 30 days. The current-quarter estimate is $1.10 per share, up 0.1% over the month, while estimates for the current and next fiscal years are $4.21 and $6.74 per share.

The sales estimate for the current quarter is $3.16 billion, a projected 52.1% increase from a year earlier. Zacks puts revenue estimates at $12 billion for the current fiscal year and $18.03 billion for the next.

In its last reported quarter, Marvell posted $2.74 billion in revenue and earnings of $0.94 per share. Revenue topped the Zacks consensus estimate by 1.03%, and earnings exceeded it by 1.08%. Over the last four quarters, the company beat consensus earnings estimates three times and revenue estimates each quarter.