Marvell Technology, Inc. (NASDAQ: MRVL), a company designing chips for storage and data infrastructure, reported its Q2/2022 earning results on Thursday. The company posted a record quarterly revenue of $1.076 billion (48% growth y/y), beating the consensus estimates. As mentioned by the company’s President and CEO Matt Murphy, Marvell’s quarterly growth was driven by data center, now representing 40% of the company’s total revenue.

According to the analysts at Oppenheimer, who raised their price target on the company’s shares to $75 from $70 today, the company is benefiting from several recent acquisitions, in particular (1) CAVM expanded Marvell’s networking portfolio from legacy PHYs and switches to processors, (2) AQ bolstered with automotive connectivity bringing multi-gig PHYs into the mix, (3) Avera added 5G DFE content and custom ASIC.

An important update from the company during the call was the clarity it is going to provide on the end-market drivers of its growth. Instead of reporting revenues for its 3 end markets (networking, storage, and other), Marvell is going to provide for 5, which are data center, carrier infrastructure, enterprise networking, consumer, and automotive/industrial.

Analysts at Deutsche Bank believe that this transparency will give investors greater confidence in the depth, breadth and sustainability of Marvell’s growth opportunities.