Marvell stock slumps 16% after data center revenue, forecast disappoint

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Shares of Marvell Technology

plunged 15% on Friday after the artificial intelligence chipmaker’s data center revenue fell short of estimates and it gave lackluster guidance for the current quarter.

Here’s how the company did in comparison with LSEG consensus:

Revenue jumped 58% from a year ago in the fiscal second quarter that ended Aug. 2, a record for the company that was fueled in part by “strong AI demand” for its custom silicon and electro-optics products, Marvell CEO Matt Murphy said in a statement.

Marvell stock slumps 16% after data center revenue, forecast disappoint

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