Reported 4 months ago
Marvell Technology's stock dropped 10.5% due to disappointing first-quarter results, where revenue declined 12% and adjusted earnings per share fell 22.5%. The decline was primarily attributed to weak performance in segments other than AI-related data centers, which are experiencing significant growth. Despite the setback, analysts remain optimistic about Marvell's future potential in the AI sector as it continues to innovate in custom ASICs and anticipates growth in data centers, networking, and carrier infrastructure in the second half of the year.
Source: YAHOO