Marvell boosts its forecasts, but the stock slides as Wall Street wonders if there's more to the story
MarketWatch·
- Marvell Technology raised its annual revenue forecasts to approximately $12 billion for fiscal 2027 and $18 billion for fiscal 2028, driven by robust artificial-intelligence demand and a July quarter revenue of $2.7 billion.
- Despite the upgraded guidance and a projected October quarter revenue midpoint of $3.15 billion, Marvell's stock dropped about 7% in after-hours trading.
- Analysts questioned the immediate financial upside of the expanded Google partnership, as management clarified that revenue from the agreement through fiscal 2028 is already included in existing targets with major impacts expected in fiscal 2029 and beyond.