Marvell Shares Tumble 6% as Outlook Underwhelms Despite 37% Revenue Growth
Marvell Technology shares fell Friday despite a second-quarter revenue beat, as its fiscal 2028 outlook failed to meet investors' expectations.
TL;DR
- Marvell Technology shares fell 6% on Friday.
- Second-quarter revenue beat expectations, rising 37% to $2.7 billion.
- Fiscal 2028 revenue outlook was raised to around $18 billion, a 50% year-on-year increase.
- The raised outlook did not meet investors' elevated expectations.
- Marvell announced a partnership with Google for AI data center chips.
- The company's stock is up 184% this year, driven by AI infrastructure demand.
- Goldman Sachs noted high investor expectations and maintained a neutral stance.