Why shares of Dell and Marvell jumped on Thursday

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Dell Technologies (NYSE: DELL) and Marvell Technology Group (NASDAQ: MRVL) reported strong quarterly earnings data on Thursday.

Dell reported better than expected earnings after the market close. The revenue for Dell's Client Solutions Group rose 2% year over year to $11.1 billion.

  • Earnings per share (EPS) $1.34 vs. $0.92 expected
  • Revenue $21.90 billion vs. $20.85 billion expected

"Customers need essential technology now more than ever to put business continuity, remote working and learning plans into practice," Jeff Clarke, vice chairman and COO, said. "In Q1, we saw orders with banking and financial services, government, healthcare and life sciences customers up 15 to 20 per cent – all to meet the immediate needs of their customers, communities and patients. As the world pivots from response to recovery, we'll continue to put our broad capabilities to work to deliver differentiated results for our customers and our company" he added.

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Dell stock climbed 7.7%, near 49.10 in after-hours trading on Thursday.

Marvell Group announced strong first-quarter results on Thursday. The company revenue rose to $693.6 million from $662.5 million in the year-ago period.

  • Earnings per share (EPS) $0.18 vs. $0.14 expected
  • Revenue $694 million vs. $680 million expected

"In a challenging environment, solid execution by the Marvell team drove strong first-quarter financial results with disciplined operating expense management, healthy operating cash flow, and revenue above the mid-point of guidance, enabled by stronger demand for our networking products from the datacenter and 5G infrastructure end markets," said Matt Murphy, Marvell's President and CEO.

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The shares of Marvell surged 5.9% in after-hours trading on Thursday.

 
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