Marvell Technology Inc. (MRVL) jumped up by 16.15% at $82.50 in the aftermarket, following multiple new developments in the company. The company disclosed beat Q3 earnings along with the launch of new innovative solutions in the industry. The good news upon good news led the stock to gain $11.27 at 1.99 million shares in the after-hours on Thursday. In the previous trading session, the stock gained a small 0.11% at 10.77 million shares exchanging, to close at $71.03.

Recent Developments

Founded in 1995, Marvell Technology Inc. (MRVL) provides data infrastructure semiconductor solutions including compute, networking, storage, and custom. The company trades at a market capitalization of $58.44 billion with its 823.63 million outstanding shares.

On December 02, MRVL announced its Q3 earnings followed by the launch of the industry’s first PHY automotive solutions. Furthermore, the company also introduced its Ethernet Camera Bridge Solution on Thursday.

MRVL’s PHY Automotive Solutions

On Thursday, the company introduced the industry’s first 802.1AE MACsec integrated dual 1000BT1 and 100BT1 PHYs. These Ethernet PHY solutions are designed to assist in functional safety compliance by enabling energy-efficient, secure in-vehicle networks. The MACsec technology protects data exchange while the PHYs are designed for automotive use cases. Further, these new products solve the crucial need for secure communication in software-defined vehicles’ new generation.

Currently, MRVL is sampling the newly launched products along with their development boards.

Ethernet Camera Bridge Solution

The company also introduced its multi-gig Ethernet camera bridge solution the 88QB5224, which is the first in the industry. The 88QB5224 is developed for video distribution in in-vehicle networks. Moreover, the solution enables the development of interoperable software which through a multilayer communication stack, delivers key services. MRVL is the first in the industry to launch a 10G Ethernet camera bridge that will distribute uncompressed video.

MRVL’s Q3 Financial Highlights

In the third quarter of fiscal 2022, the company had net revenue of $1.211 billion, showing growth of 61% year-over-year. The revenue of the quarter beat the consensus estimate of $1.15 billion for Q3.

Moreover, the non-GAAP net income in the third quarter fiscal 2022, was $364 million. Consequently, the non-GAAP net income per diluted share was $0.43, beating the consensus estimate of $0.38 adjusted earnings per share.

In addition, in the third quarter of fiscal 2022, the cash flow from operations was $265 million.

Furthermore, MRVL expects to earn a net revenue of $1.320 billion +/-3% in the upcoming Q4 fiscal 2022.