Marvell Technology (NASDAQ: MRVL) reported fiscal Q1 earnings on May 29, showing a 63% year-over-year increase in overall revenue to $1.9 billion and adjusted earnings per share (EPS) of $0.62, slightly exceeding expectations. Data center revenue surged by 76% to $1.44 billion, which accounted for 76% of total sales. Despite these strong growth figures, shares fell about 43% year-to-date.
Concerns regarding Marvell’s relationship with Amazon have arisen, with CEO Matt Murphy acknowledging potential competitive risks as Amazon could explore alternative AI chip solutions. Meanwhile, Marvell’s involvement in custom AI chips for both Amazon and Microsoft presents growth opportunities, especially as management anticipates second-quarter revenue of approximately $2 billion, reflecting a 57% year-over-year increase.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
