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Chipmaker Marvell posts solid earnings by turning from the consumer to the cloud

Matt Murphy, CEO, Marvell Technology
Scott Mlyn | CNBC

Marvell Technology (MRVL) reported better-than-expected quarterly earnings Thursday after the closing bell. The semiconductor company posted a record revenue of $1.45 billion for the first quarter of its fiscal 2023, up 74% from a year earlier and exceeding Street expectations of $1.43 billion.

Adjusted earnings per share of 52 cents edged out the consensus estimate of 52 cents. Additionally, the company reported adjusted gross margin of 65.5% that was in line with expectations.