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Marvell Technology, Inc. (NASDAQ:MRVL) delivered a quarterly beat and raised its revenue outlook, yet the stock plunged more than 10% the following day. The sharp reaction led Jim Cramer to question, during the September 8 Mad Money episode, why investors punished a company whose AI business continues to accelerate.
What the heck just happened to the stock of Marvell when it reported a week and a half ago? This semiconductor company with a major data center exposure reported a healthy beat and raise, yet the stock plunged more than 10% the next day. Seems silly. Why did it get hit so hard? Some of that's because the expectations were extremely high since the stock's been on fire. Some of it's because we got more color on Marvell's collaboration with Google. They're making chips to rival NVIDIA's, but it turns out it'll be years before they really start boosting the numbers. Still, the company's making fortunes versus what we thought it could not that long ago.
Marvell Technology, Inc. (NASDAQ:MRVL) delivered a strong fiscal second quarter, with revenue of $2.739 billion, up 37% year over year, and non-GAAP diluted earnings of $0.94 per share. The company also raised its revenue outlook for both fiscal 2027 and fiscal 2028. CEO Matt Murphy said AI-related bookings remained "exceptionally robust." He also said the company was seeing broad-based strength across its data center portfolio, including strong demand in Connectivity and a significant acceleration in its Custom business beginning in the second half of fiscal 2027.
Institutional positioning increased in the second quarter. Insider Monkey, which tracks more than 1,000 hedge funds, counted 96 hedge funds holding MRVL at the end of the second quarter, up from 79 in the first quarter. Additionally, the short position was approximately 3.2% to 3.8% of float.