Q1 Earnings Roundup: Marvell Technology (NASDAQ:MRVL) And The Rest Of The Semiconductor Manufacturing Segment

Wrapping up Q1 earnings, we look at the numbers and key takeaways for the semiconductor manufacturing stocks, including Marvell Technology (NASDAQ:MRVL) and its peers.

The semiconductor industry is driven by demand for advanced electronic products like smartphones, PCs, servers, and data storage. The need for technologies like artificial intelligence, 5G networks, and smart cars is also creating the next wave of growth for the industry. Keeping up with this dynamism requires new tools that can design, fabricate, and test chips at ever smaller sizes and more complex architectures, creating a dire need for semiconductor capital manufacturing equipment.

The 14 semiconductor manufacturing stocks we track reported a very strong Q1. As a group, revenues beat analysts’ consensus estimates by 2.2% while next quarter’s revenue guidance was 5.5% above.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 9% since the latest earnings results.

Marvell Technology (NASDAQ:MRVL)

Moving away from a low margin storage device management chips in one of the biggest semiconductor business model pivots of the past decade, Marvell Technology (NASDAQ: MRVL) is a fabless designer of special purpose data processing and networking chips used by data centers, communications carriers, enterprises, and autos.

Marvell Technology reported revenues of $2.42 billion, up 27.6% year on year. This print was in line with analysts’ expectations, and overall, it was a strong quarter for the company with a significant improvement in its inventory levels and revenue guidance for next quarter topping analysts’ expectations.

Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 6% since reporting and currently trades at $186.83.

We think Marvell Technology is a good business, but is it a buy today? Read our full report here, it’s free.

Best Q1: Kulicke and Soffa (NASDAQ:KLIC)

Headquartered in Singapore, Kulicke & Soffa (NASDAQ: KLIC) is a provider of production equipment and tools used to assemble semiconductor devices

Kulicke and Soffa reported revenues of $242.6 million, up 49.8% year on year, outperforming analysts’ expectations by 5.5%. The business had a stunning quarter with a beat of analysts’ EPS and operating income estimates.

Kulicke and Soffa achieved the highest guidance raise among its peers. However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $93.22.

Is now the time to buy Kulicke and Soffa? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: Photronics (NASDAQ:PLAB)

Sporting a global footprint of facilities, Photronics (NASDAQ:PLAB) is a manufacturer of photomasks, templates used to transfer patterns onto semiconductor wafers.

Photronics reported revenues of $209.9 million, flat year on year, falling short of analysts’ expectations by 2.8%. It was a disappointing quarter as it posted revenue guidance for next quarter missing analysts’ expectations and a significant miss of analysts’ operating income estimates.

Photronics delivered the weakest performance against analyst estimates, weakest guidance update, and slowest revenue growth in the group. As expected, the stock is down 46.4% since the results and currently trades at $28.67.

Read our full analysis of Photronics’s results here.

Applied Materials (NASDAQ:AMAT)

Founded in 1967 as the first company to develop tools for other businesses in the semiconductor industry, Applied Materials (NASDAQ:AMAT) is the largest provider of semiconductor wafer fabrication equipment.

Applied Materials reported revenues of $7.91 billion, up 11.4% year on year. This print surpassed analysts’ expectations by 2.7%. It was an exceptional quarter as it also recorded revenue guidance for next quarter exceeding analysts’ expectations and a solid beat of analysts’ operating income estimates.

The stock is up 18.5% since reporting and currently trades at $522.27.

Read our full, actionable report on Applied Materials here, it’s free.

Amkor (NASDAQ:AMKR)

Operating through a largely Asian facility footprint, Amkor Technologies (NASDAQ:AMKR) provides outsourced packaging and testing for semiconductors.

Amkor reported revenues of $1.68 billion, up 27.5% year on year. This number topped analysts’ expectations by 1.7%. Overall, it was a very strong quarter as it also logged a beat of analysts’ EPS estimates and an impressive beat of analysts’ operating income estimates.

The stock is down 16.7% since reporting and currently trades at $62.98.

Read our full, actionable report on Amkor here, it’s free.

Market Update

Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.

Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.

By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.

Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.