The shares of Marvell Technology jumped 22% on Friday after the firm issued a bullish prediction for the current quarter, citing excellent growth prospects in the 5G and data center sectors.

Marvell designs and manufactures chips for data centers and cars, a burgeoning market that has been hampered by a lack of supply. It also provides semiconductor designs to corporations like Taiwan Semiconductor.

"We expect sequential revenue growth of 9% at the midpoint of guidance for the fourth quarter, led by 5G, which is expected to increase by 30% sequentially, and data center, which is forecasted to continue to grow in the double digits on a percentage basis," Marvell president and CEO Matt Murphy said in a statement.Company | Data infrastructure technology that keeps the world running -  Marvell

On a year-over-year basis, Marvell estimates net revenue of $1.32 billion in the second quarter, with a plus-or-minus 3% variance. On an adjusted basis, gross margins are likely to remain around 65%.

This comes after the company reported a 61% increase in third-quarter revenue to $1.21 billion, beating both the top end of its previous projection and analysts' expectations.

All of its business segments grew, with data centers leading the way. Data centers, which account for 41% of Marvell's overall revenue, increased 15% from the previous quarter and 109% year over year.

The adjusted earnings per share increased by 72% to 43 cents, beating expectations.