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Why Marvell Technology Tanked in August

TheMotleyFool

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Why Marvell Technology Tanked in AugustPhoto, wide shot, wide-angle lens, Computer hardware manufacturer, Midday, harsh overhead sunlight, directional sunlightt, photo by Marc Adamus: https://img.theapi.app/temp/ec495607-1e17-40ee-a41d-7726313a9707.png

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

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