Marvell Technology (NASDAQ:MRVL) shares tumbled Friday after the chipmaker’s upbeat second-quarter results were overshadowed by underwhelming third-quarter guidance, prompting Wall Street to trim price forecasts and deepening investor concerns over the near-term outlook.
Marvell posted adjusted earnings of 67 cents per share, edging past Wall Street’s forecast of 66 cents. Revenue came in at $2.006 billion, just shy of the $2.009 billion consensus estimate. Adjusted gross margin was 59.4%, reflecting resilient AI-focused sales.
