Marvell Stock Slips After Q2 Earnings Report: Here's Why

Financial Performance - Marvell Technology Inc. reported quarterly earnings of 67 cents per share, exceeding the analyst estimate of 66 cents [1] - Quarterly revenue was $2.006 billion, slightly missing the Street estimate of $2.009 billion [1] - Non-GAAP gross margin for the second quarter was 59.4% [2] Year-over-Year Growth - The company achieved a record revenue of $2.006 billion in the second quarter, representing a 58% year-over-year increase [2] - CEO Matt Murphy indicated expectations for continued growth into the third quarter, along with operating margin and earnings per share expansion [2] Market Demand and Outlook - Growth is driven by strong AI demand for custom silicon and electro-optics products, as well as recovery in enterprise networking and carrier infrastructure markets [3] - For the third quarter, Marvell anticipates adjusted earnings between 69 cents and 79 cents per share, compared to the 72 cent estimate, and revenue in the range of $1.957 billion to $2.163 billion, versus the $2.105 billion analyst estimate [3] Stock Performance - Following the earnings report, Marvell Technology stock declined by 7.81%, trading at $71.20 in extended trading [4]