GoKawiilAn aerial view of Marvell Headquarters in Santa Clara, California, United States on June 2, 2026.
Marvell Technology shares fell 6% on Friday despite a second-quarter revenue beat, as its raised fiscal 2028 outlook failed to meet investors' elevated expectations.
The chipmaker said Thursday that it now expects revenue to grow about 50% year-on-year to around $18 billion, higher than its previous forecast of $16.5 billion.
Revenue rose 37% to $2.7 billion in its fiscal second quarter. That came in $39 million above the company guidance provided in May.
Marvell, which makes networking, connectivity and custom chips used in AI data centers, offered limited detail on its fiscal 2028 outlook, dampening investor sentiment after hopes that a Google partnership worth up to $12.2 billion in shares would further boost earnings.
The stock was last trading down 6.6%. It's up 184% this year, buoyed by demand for its products used in AI infrastructure.