Marvell Technology Inc. (MRVL) saw its stock plummet 5.01% in Friday's pre-market trading session following a disappointing earnings guidance that fell short of investor expectations.
The semiconductor company issued fiscal first-quarter guidance on Wednesday that was mostly in line with analysts' forecasts, but failed to provide the more optimistic outlook that investors had hoped for. This led to a sharp sell-off in Marvell's shares, which tumbled nearly 20% on Thursday, marking the stock's largest single-day percentage decline since September 2001.
While Marvell's recent quarterly results and overall business performance have been strong, driven by robust demand for its chips used in data centers and 5G infrastructure, the company's cautious guidance raised concerns about potential headwinds in the coming quarters. Investors were likely anticipating an even more bullish forecast, given the ongoing tailwinds in the semiconductor industry fueled by the global shift towards cloud computing, artificial intelligence, and the rollout of 5G networks.
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