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MRVL - Why Marvell Technology Stock Was Sliding Today
Marvell Technology Inc.
2024-03-08 14:03:00 ET
Shares of chip-maker Marvell Technology (NASDAQ: MRVL) were sliding today after the company delivered results in line with expectations but offered weaker-than-expected guidance for the first quarter.
Marvell, which specializes in networking and storage solutions, is expected to benefit from the boom in AI, but high expectations were already baked into the stock after shares had doubled over the last year coming into the report.
As of 1:07 p.m. ET, the stock was down 10.1% on the news.