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.”

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Marvell earnings: What to expect from the chip makerMarvell will report earnings Thursday afternoon on the heels of mind-blowing results from Nvidia.
Source: MarketWatch - 🏆 3. / 97 Read more »

Why AMD, Marvell, Intel and other chip stocks are falling after Nvidia earningsWall Street is cheering Nvidia's blowout results and outlook, but investors aren't extending that enthusiasm to the company's peers.
Source: MarketWatch - 🏆 3. / 97 Read more »

Why AMD, Marvell, Intel and other chip stocks sank after Nvidia earningsAMD shares were among the S&P 500's biggest laggards Thursday as Nvidia's blowout results failed to drive the chip sector higher.
Source: MarketWatch - 🏆 3. / 97 Read more »