Reported 4 months ago
Marvell Technology missed first-quarter revenue estimates due to weak client spending in wireless carrier and enterprise markets, leading to a 4% drop in shares. Revenue was $1.16 billion, slightly below the expected $1.17 billion, with CEO Matt Murphy anticipating a stronger second half of the fiscal year driven by data center growth. Despite declines in cyclical businesses, Marvell's data center segment performed well with a revenue increase, while enterprise networking and carrier infrastructure segments saw declines. Adjusted EPS was 24 cents, lower than the expected 25 cents.
Source: YAHOO