Marvell Technology (MRVL): Live Earnings Coverage May 29th

There wasn’t any ‘material’ information to pass along from Marvell’s conference call. The company’s stock returned to near breakeven midway through the call, but as it concluded without much new information sellers came in and the stock is now down about 3.3%.

We’ll see what Wall Street has to say about the stock tomorrow, but it looks like another moderately disappointing quarter for the company.

Marvell’s shares just moved north a bit (from about a 2.5% decline to 1.4%) on updates to their Amazon relationship. Watch for Wall Street to focus in on those comments tomorrow when they send out notes on Marvell’s first quarter.

Marvell’s CEO just gave updates on Amazon (they can’t name the customer, but that’s who the company was discussing) and said they’ll share updates on their Microsoft relationship on June 17th.

I wouldn’t be surprised if the stock was moving on those comments.

Marvell’s conference call is starting now. We’re listening and will update if anything is said that moves the stock.

As a reminder, stay on this page if you’re following the stock after-hours. We will continue updating why the stock moves.

We were a bit surprised by the initial reaction to Marvell’s earnings, and we’re not alone! The company has trimmed losses from 6% down to 1.5% right now.

As we noted earlier, commentary on the company’s conference call could still reverse the initial negative reaction. We will be listening in on the call and providing live reactions.

Marvell’s earnings call starts in 15 minutes.

Here’s a link if you’d like to join.

We’ll continue updating if anything material is said during the call, don’t leave this blog if you want analysis on any movements across the next hour or so!

After immediately dropping 6%, Marvell shares are now down about 2%.

That continues a recent losing streak for investors in the company. Broadcom (Nasdaq: AVGO) and Marvell have become the “story stocks” for investors betting on the growth of ‘custom silicon’ in the race against NVIDIA. While Broadcom has had an outstanding past 6 months, Marvell has struggled.

Some reasons for Marvell’s struggles include:

• Supply chain chatter that the company may be losing digital signal processor (DSP) share to Broadcom.
• Marvell in an uncertain position with the production of Amazon’s next Trainium chip. It appears the company has split Trainium with Alchip, with the company producing an ‘Ultra’ version, but there has been tremendous uncertainty surrounding their position in the next generation of Amazon’s flagship custom chips.
• There are also reports that Broadcom is making a run at their efforts to supply Microsoft with custom chips.
• And finally, a series of high-profile executive defections point to struggles at the company.

So, while the growth rates for Marvell’s products keep booming, there are very legitimate concerns about the company’s future.

The good news is that the company announced a new date for analysts on June 17th when they’ll host their ‘Custom AI Investor’ event. What Marvell says at that event is their best showcase for reversing the negative storylines weighing on the stock.

It should be noted that while Marvell is in the red right now, there is still a chance that commentary on their conference call could reverse the after-hours slide. We will continue monitoring the stock, so don’t leave this live blog!

Here’s a look at the guidance Marvell provided:

• Net revenue is expected to be $2.000 billion +/- 5%.
• GAAP gross margin is expected to be 50% to 51%.
• Non-GAAP gross margin is expected to be 59% to 60%.
• GAAP operating expenses are expected to be approximately $735 million.
• Non-GAAP operating expenses are expected to be approximately $495 million.
• Basic weighted-average shares outstanding are expected to be 864 million.
• Diluted weighted-average shares outstanding are expected to be 874 million.
• GAAP diluted net income per share is expected to be $0.21 +/- $0.05 per share.
• Non-GAAP diluted net income per share is expected to be $0.67 +/- $0.05 per share.

The question is, how does this compare to Wall Street expectations?

According to S&P Capital IQ estimates, Wall Street expected:

• Revenue of $1.981 billion
• Normalized EPS of $.67 per share

So, Marvell is reporting EPS that’s exactly in-line of Wall Street. As we saw last quarter, the company fell when reporting results that were largely in-line when Wall Street expected larger outcomes from the company’s recent wins with hyperscalers like Amazon. It appears that forward guidance is what’s weighing on the stock after hours.

Marvell shares are still down about 4.5%. We’re a little surprised by the reaction, seeing as how the company already narrowed its forecasted range for the quarter (meaning a big earnings beat was out of the question).

We’re currently examining the company’s future outlook and comparing it to expectations.

Revenue: $1.895 billion vs. $1.88 billion estimated.

EPS: $.62 vs $.61 estimated.

Shares are diving on the news, down about 6%.

We’re moments away from Marvell reporting, but a few notes to keep in mind.

• First, Marvell narrowed their revenue forecast for the quarter from $1.875 billion plus or minus 5% down to plus or minus 2%. That is to say, don’t expect some sizable beat as the company narrowed its sales range. Wall Street expects slightly above the midpoint of Marvell’s range at $1.88 billion.
• Second, commentary on the company’s call could be a significant driver of performance. The company delayed their analyst day so Wall Street will probe questions that would have otherwise been asked there.

The market has closed for the day and Marvell should release its earnings shortly. Will this be a repeat of last quarter when the stock plummeted or will Marvell rebound?

We’ll have all the details and analysis.

With earnings being released when the market closes, Marvell is down 1.22% on the day. Consensus EPS estimate is $0.24.

1. AI Infrastructure Revenue Flow

   • CEO Matt Murphy has projected AI revenue will double in FY2025, but investors want clear, quantifiable evidence of that showing up in orders, backlog, or segment performance.

2. Carrier and Storage Headwinds

   • These segments were cited as under pressure in recent calls. Any update on stabilization or rebound timelines will be critical for gauging overall business recovery.

3. Forward Revenue Guide

   • With Q1 expected to mark a trough, guidance must show confidence in sequential improvement — particularly tied to cloud and custom silicon deals.

MRVL shares have staged a sharp recovery, rising over 20% in the past month and up ~18% YTD, driven by increasing confidence in AI revenue visibility. The stock is still well off its all-time highs, but sentiment has improved as analysts look for a second-half rebound in key segments like cloud and carrier infrastructure.

Valuation remains aggressive for a company with negative revenue growth this quarter — trading at a forward P/E of ~39x and a price-to-sales ratio above 11x. This means results and guidance need to demonstrate not just stabilization, but acceleration, to sustain or extend current levels.

In the last earnings call, CEO Matt Murphy emphasized confidence in AI revenue doubling this year, with momentum in cloud-optimized silicon. However, he acknowledged that carrier infrastructure and storage segments remain soft, and recovery timelines are “still uncertain.” This sets up a bifurcated view of Marvell’s business — one side leaning into optimism, the other still in reset mode.

The biggest forward-looking risk is whether AI growth is materializing fast enough to offset broader platform weakness. If the Q1 print or guide lacks evidence of firm deal wins or revenue pull-through, it could challenge the thesis that the AI cycle is accelerating within Marvell’s customer base.

Analysts are calling this a “bottoming quarter,” with low expectations heading into what management has described as a second-half AI revenue ramp.

• Current Quarter (FQ1 2025)

  • EPS Estimate: $0.24

  • Revenue Estimate: $1.18B

  • YoY EPS Growth: –39%

  • YoY Revenue Growth: –11%

• Previous Quarter (FQ4 2024)

  • EPS Actual: $0.46

  • EPS Surprise: In line

  • Revenue: $1.43B

• Full-Year Outlook (FY2025)

  • EPS Estimate: $1.28

  • Revenue Estimate: $5.33B