(Bloomberg) — Marvell Technology Inc. jumped in late trading after the company delivered better-than-expected results and an upbeat earnings forecast, citing demand for artificial intelligence computing.
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Third-quarter profit was 43 cents a share, excluding some items, the company said in a statement Tuesday. That beat the 41-cent average estimate of analysts. Marvell expects earnings on that basis of as much as 64 cents in the current period, well ahead of the 52-cent projection.
“The exceptional performance in the third quarter, and our strong forecast for the fourth quarter, are primarily driven by our custom AI silicon programs, which are now in volume production,” Chief Executive Officer Matt Murphy said in the statement.
The shares gained about 8% in extended trading after the results were released. They had been up 59% this year through Tuesday’s close.
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