Marvell shares tumble 6% as outlook underwhelms despite 37% revenue growth
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Marvell Technology shares fell 6% on Friday despite a second-quarter revenue beat, as its raised fiscal 2028 outlook failed to meet investors' elevated expectations.
Key facts
The chipmaker said Thursday that it now expects revenue to grow about 50% year-on-year to around $18 billion, higher than its previous forecast of $16.5 billion
The Google partnership, announced last week, allows the tech giant to buy up to 58.97 million Marvell shares at $206.58 each, subject to purchase targets through fiscal 2033
Revenue rose 37% to $2.7 billion in its fiscal second quarter
Marvell, which makes networking, connectivity and custom chips used in AI data centers, offered limited detail on its fiscal 2028 outlook, dampening investor sentiment after hopes that a Google
Summary
The chipmaker said Thursday that it now expects revenue to grow about 50% year-on-year to around $18 billion, higher than its previous forecast of $16.5 billion. Revenue rose 37% to $2.7 billion in its fiscal second quarter. Marvell, which makes networking, connectivity and custom chips used in AI data centers, offered limited detail on its fiscal 2028 outlook, dampening investor sentiment after hopes that a Google partnership worth up to $12.2 billion in shares would further boost earnings. The stock was last trading down 6.6%.