Marvell Technology, Inc (NASDAQ:MRVL) shares fell nearly 8% in Friday premarket trading as investors reset expectations after the company’s earnings report, despite continued data center strength and a stronger growth outlook.
Marvell Beats Q2 Estimates, Raises Growth Expectations
Marvell reported second-quarter revenue of $2.74 billion and adjusted EPS of 94 cents, both beating the consensus estimates.
Management pointed to continued strength across its Data Center portfolio. For the third quarter, Marvell guided revenue to $3.15 billion, plus or minus 5%, and adjusted EPS to $1.10, plus or minus 5 cents.
The company also expects an adjusted gross margin of 57.5% to 58.5%.
