Marvell Technology shares fell 6% in extended trading Thursday despite beating second-quarter earnings expectations with adjusted EPS of 94 cents versus 93-cent consensus and sales of $2.74 billion versus $2.72 billion projected. The semiconductor company raised fiscal 2027 and 2028 sales guidance to $12 billion and $18 billion respectively, driven partly by a custom AI chip partnership with Google potentially worth $120 billion through fiscal 2033. Investors cited concerns that revenue from the Google deal would be back-loaded, limiting near-term contribution despite the record quarterly results.
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