Marvell Technology, Inc. (MRVL) shares jumped on Friday after the company reported better-than-expected second-quarter earnings and provided an optimistic outlook for the third quarter. The strong performance was driven by robust demand for AI products and a forecast for growth across all its end markets.
US stocks closed higher on Friday, with the Nasdaq Composite gaining over 150 points. Several companies reported strong financial results, including Marvell Technology, MongoDB, and Intuitive Machines, which boosted their share prices. Other notable gainers included Leslie’s, Polestar Automotive, BridgeBio Pharma, Cool Company, and ZEEKR.
Marvell Technology exceeded analysts’ expectations for both earnings and revenue in the second quarter, driven by strong demand for AI products. The company also announced a positive outlook for the third quarter, with revenue expected to grow by 14%.
Marvell Technology (MRVL) shares are climbing on Friday, following Federal Reserve Chair Jerome Powell’s speech hinting at future interest rate cuts. Powell’s comments at the Jackson Hole economic conference, coupled with positive analyst sentiment, are driving the stock’s gains.
