Marvell Reports Worse-Than-Expected Q1 Results: The Details
Portfolio Pulse from Erica Kollmann
Marvell Technology, Inc. (NASDAQ:MRVL) reported worse-than-expected Q1 results, missing both earnings and sales estimates. The company reported earnings of 24 cents per share and sales of $1.16 billion, both below analyst expectations. Despite this, Marvell's data center revenue grew significantly, driven by AI demand. The company provided a mixed outlook for Q2, with earnings and revenue guidance in line with estimates. Shares fell 1.76% after-hours.
May 30, 2024 | 8:26 pm
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Marvell Technology reported Q1 earnings and sales below analyst estimates, with earnings of 24 cents per share and sales of $1.16 billion. Despite strong growth in data center revenue driven by AI demand, the stock fell 1.76% after-hours. The company provided a mixed outlook for Q2.
Marvell's Q1 results missed both earnings and sales estimates, which is typically negative for stock prices. Although there was strong growth in data center revenue driven by AI demand, the overall miss and the mixed Q2 outlook contributed to the after-hours decline in share price.
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