Why Marvell Technology Stock Is Plummeting Today
The stock of Marvell Technology (NASDAQ: MRVL) is getting hit with big sell-offs on Thursday following the company's recent earnings report. The semiconductor specialist's share price was down 17.4% as of noon ET today.
Marvell published its fourth-quarter results after the market closed yesterday, and its stock is seeing big sell-offs even though the business posted sales, earnings, and forward guidance that came in ahead of the average Wall Street targets. Sell-offs for Marvell after earnings are also triggering valuation pullbacks for other artificial intelligence (AI) and semiconductor stocks.
In most respects, Marvell overdelivered relative to expectations with its fourth quarter report. The business posted adjusted earnings per share (EPS) of $0.60 on sales of $1.82 billion, which beat the average analyst target for EPS of $0.59 on revenue of $1.8 billion.
Source Fool.com
