Marvell Technology Slides Over 10% After Softer Fiscal 2028 Guidance and Lack of Google Deal Details
Marvell Technology (NASDAQ: MRVL) closed down 10.28%, or $24.83, at $216.62 after its fiscal second-quarter results beat expectations but failed to satisfy investors due to weaker-than-expected guidance for fiscal years 2027 and 2028. The company raised revenue forecasts for both periods—$12 billion in 2027 and $18 billion in 2028—but analysts were disappointed by the lack of clarity around a new deal with Alphabet's Google business. The stock saw increased trading volume, reaching nearly 47.7 million shares, which is about 18% above its three-month average. Marvell’s earnings report showed strong performance, with sales and EPS rising 37% and 50%, respectively. However, the company's current valuation—priced at over 53 times forward earnings—is seen as too high to justify based on today's results alone.
Tickers: $MRVL
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