Why Marvell Technology Stock Is Sliding After Hours?
Portfolio Pulse from Ryan Gustafson
Marvell Technology, Inc. (NASDAQ:MRVL) reported Q2 earnings of 33 cents per share, beating the analyst consensus estimate of 32 cents, but marking a 42.11% decrease YoY. The company also reported quarterly sales of $1.34 billion, beating the analyst consensus estimate of $1.33 billion, but showing an 11.67% decrease YoY. Marvell issued Q3 2024 revenue guidance of $1.4 billion plus or minus 5%, versus the $1.39 billion estimate. Despite these results, MRVL shares were down 3.54% in the after-hours session.
August 24, 2023 | 8:29 pm
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Marvell Technology reported Q2 earnings and sales that beat estimates but showed YoY decreases. The company issued Q3 2024 revenue guidance of $1.4 billion. MRVL shares were down 3.54% in after-hours trading.
Despite beating Q2 earnings and sales estimates, Marvell reported YoY decreases in both metrics. This mixed performance, along with the company's Q3 2024 revenue guidance, likely contributed to the after-hours decline in MRVL shares.
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