(Reuters) -Marvell Technology Inc surpassed Wall Street targets for first-quarter revenue on Thursday, helped by demand for its chips that support artificial intelligence (AI) technology.
Shares of the company rose 13.5% to $56.15 in extended trading.
“We are forecasting our AI revenue in fiscal 2024 to at least double from the prior year and continue to grow rapidly in the coming years,” said CEO Matt Murphy.
Excluding items, the company reported revenue of $1.32 billion for the quarter ended April 29, compared with analysts’ average estimate of $1.30 billion, according to Refinitiv data.
(Reporting by Sourasis Bose in Bengaluru; Editing by Devika Syamnath)
