Shares of Marvell Technology plunged 15% on Friday after the artificial intelligence chipmaker's data center revenue fell short of estimates and it gave lackluster guidance for the current quarter.
Here's how the company did in comparison with LSEG consensus estimates:
Earnings per share: 67 cents adjusted vs. 66 cents expected
67 cents adjusted vs. 66 cents expected Revenue: $2.01 billion vs. $2.01 billion expected
Revenue jumped 58% from a year ago in the fiscal second quarter that ended Aug. 2, a record for the company that was fueled in part by "strong AI demand" for its custom silicon and electro-optics products, Marvell CEO Matt Murphy said in a statement Thursday.
The company had net income of $194.8 million, or 22 cents per share, compared with a net loss of $193.3 million, a loss of 22 cents per share, during the same period last year.
For the fiscal third quarter, the company called for revenue to be $2.06 billion, plus or minus 5%. That was slightly below the $2.11 billion forecast by analysts, according to LSEG.