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Marvell’s Q2 Results Fall Short, AI Demand Drives Revenue Amid Investor Concerns
Marvell’s Q2 Results Fall Short, AI Demand Drives Revenue Amid Investor Concerns
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BTCCSquare news:
Marvell Technology reported mixed Q2 results, with adjusted earnings meeting consensus but sales slightly missing expectations. The stock dropped over 11% in after-hours trading as investors reacted to the lukewarm performance.
Despite the near-term disappointment, Marvell’s revenue surged 57.5% year-over-year, fueled by robust demand for AI-related data center solutions. TD Cowen analyst Joshua Buchalter maintains a Buy rating and $90 price target, citing long-term potential.
Near-term uncertainty looms as Marvell anticipates a sequential sales decline in custom silicon for the October quarter. Supply chain challenges and cyclical lumpiness may weigh on investor sentiment until growth resumes in early 2025.
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