Why Marvell Technology Stock Trounced the Market Today

Group 1 - Marvell Technology announced a new share buyback program authorized for up to $5 billion, refreshing an existing initiative [2][5] - The company has already repurchased $300 million worth of stock this quarter and entered into an accelerated share repurchase program for an additional $1 billion [3][4] - Marvell reported a 58% year-over-year revenue increase, surpassing $2 billion for the first time, and achieved a net profit of nearly $195 million compared to a loss of over $193 million in the previous year [4]