Marvell's Stock Tanks as Google Deal Projections Are Already Factored In
Marvell Technology's stock plummeted nearly 10% to around $217 after its CEO, Matt Murphy, revealed on an earnings call that the $12.2 billion Google deal was already factored into their existing revenue model.
The company's record Q2 FY2027 revenue of $2.739 billion, up 36.55% year over year, and non-GAAP EPS of $0.94 were strong, but investors had already priced in the gains, leading to a decline in stock value.
Murphy raised guidance for fiscal 2027 and 2028, with revenue expected to grow approximately 45% year over year to roughly $12 billion, and data center growth pegged at more than 60% year over year.
The company's investor day on October 6 in New York City will provide a detailed review of their revenue projections through fiscal 2029 and beyond.