Marvell Beats and Raises Guidance, but Google Deal Timeline Spooks Investors

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โดย Insider Monkey·US·Read original
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Marvell Technology reported a clean beat-and-raise quarter with record data center strength and an expanded Google partnership, yet its shares fell more than 8% as investors focused on the delayed financial impact of the deal. Revenue rose 37% to $2.7 billion, $39 million above guidance, and the company raised its calendar year 2026 revenue outlook to $12 billion and its 2027 outlook to $18 billion. The Google partnership, which could involve roughly $120 billion in cumulative purchases over seven years if milestones are met, is expected to average about $25 billion annually from 2028 through 2033, with material upside starting in 2028. Management deferred specific long-term financial guidance and structural details to an October 6 event, and the narrow beats on revenue and earnings failed to impress given high expectations. Oppenheimer raised its price target to $325 from $300, reiterating an Outperform rating, while noting that data center revenues represented 79% of total revenues and that the Maia program could contribute $700 million next year.

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Marvell Technology Group Ltd
MRVL
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Shares fell over 8% despite beat-and-raise as investors focused on delayed Google deal financial impact and narrow beats.

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