Semiconductor company Marvell Technology Group (NASDAQ:$MRVL) saw its shares rise on Friday, August 25th. This is most likely due to the strong earnings report released by the company that beat average analysts’ expectations. Marvell released the report after the market closed on Thursday. As of 1:43 PM EDT on Friday, August 25th, Marvell’s stock has gone up by about 8.13%.

For its second quarter, Marvell’s adjusted earnings per share was $0.30 – an impressive 67% increase year-over-year. Revenue for the second quarter was $605 million, a 1% rise year-over-year. Both these numbers surpassed average analysts’ expectations of an earnings per share of $0.28 and a revenue of around $601 million. Additionally, Marvell reported a free cash flow of $89 million – almost double the $38 million it had during 2016’s second quarter.

Faced with a slouch in the hard-drive market – Marvell’s most profitable segment – the company still saw a 6% growth in its core business sales. The company said that the sales of solid-state storage controllers made up for the problems that they faced with the hard-drive market. The rising demand for SSD chips also helped with a difficult market – the product is now responsible for more than 25% of the revenue of Marvell’s storage technologies sector.

It looks as if the company is not too concerned over the slowing hard-drive market due to the fact that its SSD product line is gaining traction. Marvell, as well as analysts and investors, believe that Marvell’s SSD products will lead the company to success. Over the past 52 weeks, Marvell’s stock has seen quite an impressive 42% rise.

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