US Stocks Move | Marvell Technology (MRVL.US) plunges over 16% as Q3 earnings guidance misses expectations
According to Jinse Finance, on Friday, Marvell Technology (MRVL.US) opened with a sharp drop of over 16%, trading at $64.65. The company’s earnings guidance disappointed investors. The financial report showed that Q2 revenue increased by 58% year-on-year to $2.01 billions, merely meeting analysts’ expectations. Among them, data center business revenue grew 69% year-on-year to $1.49 billions, falling short of the average analyst estimate of $1.51 billions. Adjusted earnings per share were $0.67, also just in line with expectations. In today’s AI-driven market, simply “meeting expectations” is no longer enough to satisfy investors.
What disappointed investors even more was Marvell Technology’s earnings guidance. The company’s midpoint revenue guidance for the third quarter was $2.06 billions, below the average analyst estimate of $2.11 billions. Summit Insights analyst Kinngai Chan stated that Marvell Technology’s weak Q3 guidance implies a decline in its custom ASIC business, which came as a surprise to investors.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Neither a breakout nor a reversal: What OCBC, Commerzbank and ING expect from the US Dollar
Iran claims U.S. military forces have significantly withdrawn from sea, six ships attacked in Hormuz in one day, Houthi forces declare Saudi Aramco oil facilities as "legitimate targets"
The Iranian Navy Deputy Commander stated on Monday that U.S. military vessels, including destroyers and aircraft carriers, have significantly withdrawn. On the same day, the Iranian Foreign Ministry stated that Iran is reviewing the U.S. proposals, but the conditions for reopening the Strait of Hormuz remain unchanged. According to reports, with the rotation of U.S. aircraft carriers, only the USS Washington is currently deployed in the Middle East. As of last Sunday, a total of 24 vessels were attacked in the Strait of Hormuz and surrounding waters within two weeks, marking the most severe wave of incidents since the onset of the Iran conflict—far surpassing the previous two-week peak of 13 ships. Oil exports through the strait have dropped by more than 80% compared to the average daily level in September.
JPMorgan unleashes $1.5T push for US critical minerals
Crypto prices
More
