Marvell Technology Inc.’s latest quarterly earnings results failed to impress Wall Street, causing the company’s stock price to sink. Despite beating expectations with its revenue guidance, the semiconductor firm’s shares fell.
The company expects $1.875 billion in revenue for its first fiscal quarter, exceeding the FactSet consensus view of $1.865 billion. This is a positive sign, but it was not enough to lift Marvell’s stock price.
The harsh view on AI-focused stocks from Wall Street suggests that investors are becoming increasingly cautious about the industry’s growth prospects. The disappointing performance of Marvell’s stock highlights the challenges faced by companies in this sector.
Marvell’s results were still considered better-than-expected, but they did little to change the overall sentiment towards the company’s stock. As a result, investors may want to exercise caution when making decisions about Marvell and other AI-focused stocks.
Source: https://www.marketwatch.com/story/marvells-stock-sinks-on-earnings-showing-wall-streets-harsh-view-of-ai-plays-150671c6