Aerial view of Marvel headquarters in Santa Clara, California, USA on June 2, 2026.
Teyfan Coskun | Anadolu | Getty Images
marvel technology Shares fell 8% in pre-market trading despite second-quarter sales growth after the company’s upwardly revised fiscal year 2028 outlook failed to meet investors’ high expectations.
The company said it expects sales to rise about 50% from a year ago to about $18 billion, higher than its previous forecast of $16.5 billion.
Second quarter sales increased 37% to $2.7 billion. This was $39 million more than the corporate guidance provided in May.
Marvell, which makes networks, connectivity and custom chips used in AI data centers, provided limited details about its fiscal year 2028 outlook, dampening investor sentiment on expectations that a partnership with Google worth up to $12.2 billion in stock would further boost revenue.
The stock had fallen 8% in recent trading. Shares have risen 184% this year, supported by demand for the company’s products used in AI infrastructure.
Marvell Technology stock since the beginning of the year.
Marvell Chairman and CEO Matt Murphy said the performance was driven by continued strong demand across the company’s data center portfolio, with revenue growth accelerating 46% year over year.
“AI-related bookings remain very strong and we expect our revenue growth to accelerate further through the remainder of fiscal 2027,” Murphy added.
The partnership with Google announced last week allows the tech giant to buy up to 58.97 million shares of Marvell stock at $206.58 per share, subject to purchase targets through fiscal year 2033.
Marvell said the deal covers products that work with Google’s TPU system, including AI inference chips, storage controllers, and network interface controllers.
Analysts at Goldman Sachs noted that “investor expectations are high” ahead of this quarter.
“We believe investor expectations have increased heading into the quarter based on strong spending with key customers and the previously disclosed relationship with Google,” analysts said in a note Thursday.
As a result, the stock price has become “gradually positive”, they added. Goldman Sachs remains neutral on Marvell because the investment bank said it trades at a higher valuation than its peers and there is less certainty about its ability to add custom chip customers.
