Marvell reported revenue of $2.74 billion in the second fiscal quarter, up 37% year over year and above the $2.72 billion consensus. Data center sales reached $2.17 billion, a 46% annual increase representing 79% of total revenue. Despite beating estimates and raising its fiscal 2028 revenue target to $18 billion, the stock dropped 8.05% from $241.45 to around $222. Jim Cramer attributed this decline to a valuation issue rather than an execution problem, with expectations having become too high after a 178% gain year to date. The October 6 investor day will be the next test for the stock.
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