(Marvell) Shares of Marvell Technology rose by more than 5% in premarket on Friday after the first quarter of 2023 revenue increased by 74% year-over-year to $1.447 billion.
Marvel reported a gross margin of 51.9% in the first quarter on a GAAP basis or a 65.5% non-GAAP basis.
The company widened its net loss to $165.7 million in the quarter, compared to a loss of $88.2 million in the prior year and an income of $6.2 million in the prior quarter.
The diluted net loss per share was at $0.20 compared to a loss per share of $0.13 and a positive per-share income of $0.01 in the prior quarter.
The company now projects a higher revenue of $1.515 billion in the second quarter, plus or minus 3%. The gross margin is expected at between 49.6% and 51.9%.
MRVL: NASDAQ is up +5.28% in premarket.
