Marvell Lifts FY28 Outlook to $18B; Stock Down 8% Premarket
Marvell reported second-quarter results after the close last night and beat on both lines: revenue rose 37% year over year to $2.74B, adjusted EPS came in at $0.94, data center revenue grew 46% to $2.17B, and non-GAAP gross margin was 58.9%. Third-quarter revenue guidance of $3.15B sits above the $3.03B consensus, and the company lifted its fiscal 2028 revenue outlook from $16.5B to $18B. The stock still fell from a $241.45 close to $222.99 after hours and is down 8% premarket. The call is where the gap opened: an expanded commercial agreement gives Google the right to buy up to $12.18B of Marvell shares, but management said the partnership's meaningful revenue contribution arrives in fiscal 2029 and beyond. The shares are up 187% year to date; at that price, beating estimates is not enough on its own.
The reaction was not confined to one name. Software and semis, both bid up Wednesday on Nvidia's results, sold off after the close. Nasdaq futures are down 0.3% this morning, S&P 500 futures are flat and Dow futures are up 0.1%. The 10-year Treasury yield has risen to 4.69%, and WTI is down 0.7% at just under $83.
The second story is in payments. Bloomberg reports that the consortium of Advent International and Stripe
