Strategists at a number of banks noted that investors' eyes were firmly on news about the company's recent partnership with Alphabet's Google, with expectations ultimately left unmet.
Marvell Technology (MRVL) reported record Q2 earnings on Thursday evening, featuring $2.739 billion in revenue – up 37% year-on-year – and adjusted earnings per share (EPS) of $0.94. The custom chips specialist topped Street estimates across key metrics as data center sales climbed 46% versus last year to $2.17 billion, prompting management to raise its full-year guidance to $12 billion.
The chip maker didn't offer much upside to estimates with its July-quarter results.
The company now expects to bring in more revenue this fiscal year and next than it previously forecast.
Marvell Technology Inc (NASDAQ:MRVL)'s second-quarter revenue rose 37% year-over-year to $2.7 billion, topping analyst estimates of $2.71 billion, as demand for its data center chips continued to accelerate. Adjusted earnings per share came in at $0.94, up 40% from a year earlier and ahead of the $0.92 consensus estimate.
Marvell Technology edged above expectations for its fiscal second quarter and guided higher than views for fiscal Q3. But Marvell stock fell.
Marvell Technology forecast quarterly revenue above estimates on Thursday, a sign of strong demand for its custom chips and networking gear used in AI data centers.