Marvell's 2Q Beat-and-Raise, Google Commentary Don't Impress
Dow Jones08-28 23:56
1156 ET - Marvell Technology sinks despite a solid 2Q showing, as the company's raised guidance and commentary around an expanded Google partnership failed to impress investors, UBS says in a note. "MRVL delivered a modest beat/raise, though we suspect the result was viewed more as a meet rather than beat by an investor base that had grown increasingly constructive into the print," the analysts say. "Taken together, we think the higher out-year numbers were largely anticipated, while the Google narrative lacked the incremental disclosures investors were looking for." Marvell falls 9% to $219.36.
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