115.95
price up icon1.93%   2.19
after-market After Hours: 115.94 -0.01 -0.01%
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Why is Marvell Technology Inc (MRVL) Stock down?

We've noticed a 6.21% decline in Marvell Technology Inc (MRVL) stock during the 2024-12-18 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
01 Dec, 2023:

Shares of Marvel Technology Inc. (MRVL) dropped by 5.26% from $55.73 to $52.80 in the trading on Friday, December 1, 2023. The reason why MRVL is down today is due to discrepancy between performance and guidance:

  • Third-Quarter Results: Marvell Technology reported its third-quarter fiscal year 2024 results, which exceeded the Zacks Consensus Estimate. However, certain aspects of the report, particularly the guidance for the fourth quarter, disappointed investors.
  • Year-over-Year Decline: Despite the positive earnings and revenue surprises, both non-GAAP earnings and revenues fell compared to the same quarter in the previous year. Non-GAAP earnings per share and revenues declined by 28.1% and 7.7%, respectively, from the year-ago quarter.
  • Guidance: Marvell's fourth-quarter guidance fell short of expectations. The company expects fourth-quarter revenues of $1.42 billion (+/- 5%), which is slightly lower than the Zacks Consensus Estimate of $1.46 billion. The non-GAAP gross margin is estimated to be around 63.5%-64.5%, while non-GAAP operating expenses are expected to be approximately $430 million. The company projects non-GAAP earnings per share for the fourth quarter to be approximately 46 cents (+/- 5 cents), while the consensus estimate is 49 cents per share. Despite the better-than-expected third-quarter results, the outlook for the fourth quarter led to a decline in MRVL stock during extended trading, with shares falling 4.6%. This discrepancy between performance and guidance contributed to the drop in Marvell Technology's stock price on December 1, 2023.
25 Aug, 2023:

Marvell stocks dropped 6.62% as it reported after Nvidia's exceptional data-center sales. Marvell's earnings slightly beat expectations, but a 29% data-center sales decline to $459.8 million contrasted sharply with Nvidia's impressive results, leaving investors wanting stronger numbers.

https://headtopics.com/us/marvell-s-stock-sells-off-after-company-couldn-t-meet-nvidia-s-high-bar-on-ai-42870961

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