Marvell Stock Sinks as Weak Demand Outlook Overshadows Solid Data Center Growth
• Marvell's earnings met expectations but revenue guidance for next quarter fell far short of estimates, causing stock to drop.
• Company is seeing weak demand in several end markets like consumer, carrier infrastructure, and enterprise networking.
• However, Marvell's AI and data center business saw strong 54% annual growth, benefiting from AI computing trends.
• CEO expects continued data center growth in current quarter from initial AI silicon shipments.
• Marvell recently broke out of base at $73, but stock pulled back 5%+ after hours following weak outlook.