Marvell Technology Inc.’s shares fell over 7% on Friday, despite the company posting in-line fiscal first-quarter results. Investors’ focus was instead on lingering doubts about the company’s business with Amazon.com Inc. and Microsoft Corp.
During the earnings call on Thursday, Marvell CEO Matthew Murphy highlighted revenue growth for the company. However, investors remain concerned about the company’s next-generation custom chips for these major tech giants.
The slump in Marvell’s stock highlights the uncertainty surrounding its business, particularly in regards to its custom chip supply for Amazon and Microsoft. As such, investors will continue to closely monitor any updates on this front.
Source: https://www.marketwatch.com/story/marvell-tried-to-ease-a-big-investor-concern-but-the-stocks-slump-shows-that-doubts-still-linger-bacf1a45