chip makers from Broadcom (AVGO) And Marvell technology (MRVL) diverged from its quarterly results on Friday. AVGO stock rose after the Broadcom report, but MRVL stock fell on the Marvell news.
San Jose, California-based Broadcom earned $10.33 a share on sales of $8.92 billion in the first fiscal quarter ended Jan. 29. Analysts polled by FactSet expected earnings of $10.17 per share on sales of $8.9 billion. On a year-over-year basis, Broadcom’s earnings are up 23% with sales up 16%.
For the current quarter ending April 30, Broadcom projected sales of $8.7 billion, up 7% from the same period last year. Wall Street had expected sales of $8.58 billion in the second quarter of the fiscal year.
Meanwhile, Santa Clara, Calif.-based Marvell earned 46 adjusted cents a share on sales of $1.42 billion in the fourth fiscal quarter ended Jan. 28. Wall Street expected earnings of 46 cents per share on sales of $1.4 billion. On a year-over-year basis, Marvell’s earnings fell 8% as sales rose 6%.
For the current quarter, Marvell expected adjusted earnings of 29 cents per share on sales of $1.3 billion. Analysts had expected earnings of 42 cents per share on sales of $1.38 billion in the fiscal first quarter.
AVGO stocks up, MRVL stocks down
Broadcom and Marvell both reported quarterly results late Thursday.
In today’s stock market, AVGO stock jumped 5.9% to 634.08. On Thursday, AVGO stock rose 0.9%, closing at 598.65.
Meanwhile, MRVL stock fell 5.8% on Friday, to 43.56. During the regular Thursday session, MRVL stock rose 1.9%, closing at 46.23.
AVGO stock is at IBD Tech Leaders and Big Cap 20 Stock listings.
Analysts say that Broadcom and Marvell, along with nvidia (NVDA), are the potential beneficiaries of increased investment in artificial intelligence. Broadcom and Marvell provide high-speed networking and application-specific integrated circuits for high-performance computing systems.
Follow Patrick Seitz on Twitter at @employee For more stories on consumer technologies, software and semiconductor stocks.
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