Marvell Guides Q3 Revenue to $3.15B, Beating Estimates on AI Demand
MRVL has more than doubled off its 52-week low of $61.44.
Summary
Marvell guided Q3 revenue to $3.15 billion ±5%, above the $3.03 billion consensus, citing strong demand for custom AI chips and networking gear. The company expects Q3 GAAP gross margin of 52.9% to 53.9%, GAAP diluted EPS of $0.53 ± $0.05, and non-GAAP diluted EPS of $1.10 ± $0.05. Q2 revenue was driven by continued strong demand across the data center portfolio, where revenue growth accelerated to 46% year over year. This follows the Google custom semiconductor agreement and warrant disclosed on August 19, reinforcing the AI-driven growth narrative. The guidance beat is material for a $211B market cap company and likely supports the stock's recent momentum.
At the time of this announcement, MRVL was trading at $247.51 on NASDAQ in the Technology sector, with a market capitalization of approximately $211.5B. The 52-week trading range was $61.44 to $329.88. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.