Marvell Technology Shares up 17% on Q3 Beat & Raise

Marvell Technology, Inc. (NASDAQ:MRVL) shares closed more than 17% higher on Friday, following the company’s Q3 results, with revenues coming in at $1.21 billion, beating the consensus estimate of $1.15 billion.

After producing relatively incremental beats/raises for the last six quarters, the company delivered its most bullish report/guide in recent memory with a much larger than typical beat/raise and management forecasting above 30% revenue growth in 2023.