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Marvell Technology stock falls 3% despite Q2 beat

AuthorDavit Kirakosyan
Published 25/08/2023, 07:04 am
© Reuters.
MRVL
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Marvell Technology (NASDAQ:MRVL) shares fell more than 3% after-hours despite the company reporting better-than-expected Q2 earnings and in-line guidance.

Q2 EPS came in at $0.33, compared to the consensus estimate of $0.32. Revenue fell 12% year-over-year to $1.34 billion, slightly above the consensus estimate of $1.33 billion.

"Marvell delivered second quarter fiscal 2024 revenue above the midpoint of guidance, and we are forecasting sequential revenue growth to accelerate in the third quarter. This growth is being driven primarily by AI and cloud infrastructure," said CEO Matt Murphy.

For Q3/24, the company expects EPS of $0.40 at the mid-point, in line with the expectations, and revenue of $1.4B at the mid-point, compared to the consensus estimate of $1.39B.

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