These Analysts Slash Their Forecasts On Marvell Technology Following Q2 Results

Marvell Technology, Inc. (NASDAQ:MRVL) posted better-than-expected second-quarter earnings, but issued third-quarter sales guidance with a midpoint below estimates.

Marvell reported quarterly earnings of 67 cents per share, which beat the analyst estimate of 66 cents. Quarterly revenue came in at $2.006 billion which missed the Street estimate of $2.009 billion.

Marvell is looking for third-quarter adjusted earnings of between 69 cents and 79 cents per share, versus the 72-cent estimate, and revenue in a range of $1.957 billion to $2.163 billion, versus the $2.105 billion analyst estimate.

"Marvell delivered record revenue of $2.006 billion in the second quarter, a 58% year-over-year increase, and we expect continued growth ...