Marvell Technology, Inc. (MRVL) shares jumped 15.59 percent to $87.48, gaining $11.80 on Friday, after the company reported stronger fourth-quarter earnings and revenue growth compared with the prior year.
The stock is currently trading at $87.48, up from its previous close of $75.68. Shares opened at $84.71 and traded between $83.40 and $88.55 during the session on the Nasdaq. Trading volume reached about 19.29 million shares, compared with an average volume of about 14.77 million shares.
Marvell reported fourth-quarter earnings of $396.1 million, or $0.46 per share, compared with $200.2 million, or $0.23 per share, a year earlier. Revenue rose 22.1 percent to $2.21 billion from $1.81 billion last year. The company also reported adjusted earnings of $685.1 million, or $0.80 per share, and guided for next-quarter EPS of $0.79 with revenue expected around $2.4 billion.
The stock has traded between $47.09 and $102.77 over the past 52 weeks.
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