Marvell (MRVL) Stock Falls 6% After Q2 Earnings Beat as Google Deal Revenue Delayed

TLDR

• MRVL fell over 6% in after-hours trading after Q2 earnings on Thursday
• Adjusted EPS came in at 94 cents, beating estimates of 93 cents; revenue of $2.74 billion beat the $2.72 billion estimate
• Google received a warrant for a $12.2 billion stake in Marvell as part of a custom AI chip deal worth up to $120 billion through fiscal 2033
• Marvell raised fiscal 2027 revenue guidance to ~$12 billion and fiscal 2028 to ~$18 billion
• Investors were disappointed that Google deal revenue won’t contribute materially until fiscal 2029

Marvell Technology stock was trading up 184% in 2026 before Thursday’s earnings report. After the results dropped, it gave back more than 6% in after-hours trading.

Marvell Technology, Inc., MRVL

The numbers themselves were solid. Marvell posted adjusted earnings of 94 cents a share for its fiscal Q2, beating the consensus estimate of 93 cents. Revenue surged 37% year-over-year to $2.74 billion, topping Wall Street’s call for $2.72 billion.

So why the drop? Expectations were simply running hot.

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