Marvell stock declines after earnings beat, in-line outlook

Marvell Technology Inc. shares declined in the extended session Thursday after the chip maker’s earnings beat the Wall Street consensus, but offered an in-line outlook.

The company reported a second-quarter loss of $207.5 million, or 24 cents a share, versus net income of $4.3 million, or a penny a share, in the year-ago period. “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,” said Matt Murphy, Marvell chairman and chief executive, in a statement. “This growth is being driven primarily by AI and cloud infrastructure.”

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