Arabic version: أسهم مارفيل تتراجع مع توقعات 2028 التي جاءت دون التوقعات

According to Cnbc, Marvell Technology shares fell 6% on Friday despite the chipmaker reporting second-quarter revenue above its guidance. The stock was last down 6.6%, as investors reacted to a fiscal 2028 revenue outlook that did not meet elevated expectations.

Marvell said it now expects fiscal 2028 revenue to grow about 50% year on year to around $18 billion. That forecast was higher than its prior $16.5 billion projection, but the company provided limited detail, weighing on sentiment following expectations linked to its recently announced Google partnership.

Fiscal second-quarter revenue rose 37% from a year earlier to $2.7 billion, $39 million above guidance issued in May. Marvell makes networking, connectivity and custom chips used in AI data centers. Chairman and CEO Matt Murphy said demand across the company’s data-center portfolio remained strong, with revenue growth there accelerating to 46% year on year.

Murphy said AI-related bookings remained exceptionally robust and that revenue growth was expected to accelerate through the rest of fiscal 2027. Google’s agreement, announced last week, allows the technology company to buy up to 58.97 million Marvell shares at $206.58 each, subject to purchase targets through fiscal 2033. The agreement covers products used with Google’s TPU systems, including AI inference chips, storage controllers and network interface controllers.

Goldman Sachs analysts said investor expectations had been high before the quarter because of spending by key customers and the disclosed Google relationship. They described the results as an incremental positive, while maintaining a neutral view because Marvell trades at a higher valuation than peers and there is less certainty over its ability to add custom-chip customers. Marvell shares were still up 184% this year, supported by demand for AI-infrastructure products.