Marvell Technology Inc (NASDAQ:MRVL) shares are trading lower Thursday on the heels of the company’s fiscal first-quarter results. Multiple analysts lowered price targets following the print. Here’s what you need to know.
Total revenue was up 27% year-over-year, driven by 78% growth in data center and a continued recovery in the company’s multi-market businesses.
“Our custom AI silicon programs have now entered volume production, and we continue to see strong growth from our interconnect products. Marvell has secured multiple new design wins, including several custom silicon programs that will fuel future growth. We are well positioned for a strong start to fiscal 2026,” said Matt Murphy, chairman and CEO of Marvell.
Despite the optimistic commentary, Marvell stock appears to be selling off in reaction to roughly in-line guidance. Marvell expects first-quarter revenue of $1.781 billion to $1.969 billion versus estimates of $1.87 billion. The company anticipates first-quarter adjusted earnings of 56 to 66 cents per share, versus estimates of 60 cents per share.
Check This Out: Alibaba, Marvell Technology, Rigetti Computing, Broadcom, Tesla: Why These 5 Stocks Are On Investors’ Radars Today
Following the company’s quarterly results, multiple analysts lowered price targets, which may be adding to the selling pressure on Thursday.
MRVL Price Action: Marvell Technology shares were down 17.9% at $74.01 at the time of publication Thursday, according to Benzinga Pro.
Photo: Shutterstock.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.