Why Marvell Technology Tanked in August
Shares of up-and-coming AI chip player Marvell Technology (NASDAQ: MRVL) fell 21.8% in August, according to data from S&P Global Market Intelligence.
Marvell held its fiscal second-quarter earnings release on Aug. 28, meeting expectations on the bottom line but missing on the top. Furthermore, a forecast for tepid sequential growth in the current quarter compounded fears over the company's AI chip business.
In the second quarter, Marvell saw revenue grow 58% to just over $2.0 billion, while adjusted (non-GAAP) earnings per share grew 8% to $0.67 per share. That bottom line figure met analyst expectations, while revenue, despite growing a robust 58%, actually fell a bit short.
Source Fool.com
