Marvell Technology (NASDAQ:MRVL) saw a decrease of over 4% in pre-market today, despite the company outperforming Q2 earnings expectations. This decline follows a nearly 7% drop in the stock’s price on Thursday.
During the second quarter, the company reported an EPS of $0.33, surpassing the anticipated $0.32. However, there was a 12% year-over-year decline in revenue, amounting to $1.34 billion, slightly higher than the Street estimate of $1.33 billion.
CEO Matt Murphy noted that Marvell had exceeded the midpoint of its guidance for second-quarter fiscal 2024 revenue. He also mentioned that the company is anticipating an acceleration in sequential revenue growth for the upcoming third quarter, driven primarily by advancements in AI and cloud infrastructure.
For the third quarter of fiscal year 2024, Marvell Technology expects an EPS of $0.40 at the midpoint, aligning with expectations. The projected revenue at the midpoint is $1.4 billion, in comparison to the Street estimate of $1.39 billion.