Marvell Shares Drop Despite Strong Q2 Revenue Growth
Marvell Technology shares fell nearly 8% in premarket trading despite reporting strong second-quarter revenue growth of 37%, driven by robust demand for its data center products. The chipmaker raised its fiscal 2028 revenue outlook to around $18 billion, up from a previous forecast of $16.5 billion, but the update failed to meet investors' high expectations fueled in part by Marvell's recent partnership with Google. The company attributed its strong performance to increased demand for AI infrastructure products and noted that AI-related bookings remain exceptionally robust. However, limited details on future guidance dampened investor sentiment. The deal with Google allows the tech giant to purchase up to $12.2 billion in shares through fiscal 2033.
Tickers: $MRVL
Topics: AI infrastructure fiscal outlook Marvell Technology stock price decline