US Stocks Move | Marvell Technology (MRVL.US) plunges over 16% as Q3 earnings guidance misses expectations
According to Jinse Finance, on Friday, Marvell Technology (MRVL.US) opened with a sharp drop of over 16%, trading at $64.65. The company’s earnings guidance disappointed investors. The financial report showed that Q2 revenue increased by 58% year-on-year to $2.01 billions, merely meeting analysts’ expectations. Among them, data center business revenue grew 69% year-on-year to $1.49 billions, falling short of the average analyst estimate of $1.51 billions. Adjusted earnings per share were $0.67, also just in line with expectations. In today’s AI-driven market, simply “meeting expectations” is no longer enough to satisfy investors.
What disappointed investors even more was Marvell Technology’s earnings guidance. The company’s midpoint revenue guidance for the third quarter was $2.06 billions, below the average analyst estimate of $2.11 billions. Summit Insights analyst Kinngai Chan stated that Marvell Technology’s weak Q3 guidance implies a decline in its custom ASIC business, which came as a surprise to investors.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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