Marvell Technology Swings To Q2 Profit; Guides Q3; Stock Down

(RTTNews) - Marvell Technology, Inc.(MRVL), a data infrastructure semiconductor solution provider, reported profit for the second quarter, aided by a 58% increase in revenue compared to last year.

Matt Murphy, Marvell's Chairman and CEO, said, "Marvell's growth is being fueled by strong AI demand for our custom silicon and electro-optics products, as well as a significant increase in the pace of recovery in our enterprise networking and carrier infrastructure end markets."

The company, for the second quarter, reported net income of $194.8 million compared to a loss of $193.3 million during the corresponding period a year ago. On a diluted basis, earnings per share were $0.22 per share compared with a loss of $0.22 per share in the prior year.

Net revenue improved to $2.01 billion from $1.27 billion a year ago, $6.0 million above the mid-point of the company's recent guidance issued in May.

For the third quarter of fiscal year 2026, the company issued an outlook reflecting the divestiture of Marvell's Automotive Ethernet business on August 14.

For the quarter, the company now expects earnings of $2.03 +/- $0.05 per share.

The expected Non-GAAP diluted net income per share is $0.74 +/- $0.05 per share.

Marvell expects net revenue for the three-month period of $2.06 billion +/- 5%.

Overnight, shares of the company were trading 11.67% or $9.01 lower at $68.22 on the Nasdaq.