MRVL Stock Price: A Diamond Among Glass or a Falling Knife?
The post MRVL Stock Price: A Diamond Among Glass or a Falling Knife? appeared on BitcoinEthereumNews.com.
1 MRVL stock price: The company’s stock has fallen after some disappointing financial results. 2 The Management has given optimistic forecast for the next quarter. 3 The bulls are fighting to reclaim the support level, see the price prediction below. Delaware-based Tech company, Marvell Technology, Inc. (NASDAQ: MRVL) provides semiconductor solutions. The company majorly caters to data infrastructure, including computing, networking, storage, and custom solutions. It designs, develops, and sells integrated circuits. The Financial Outlook of the Latest Quarter Since the NFTs have dropped, stocks of semiconductor-related companies are high in demand and so is the market. Marvell reported its financial results for the 2nd quarter of the 2024 fiscal year. The organization’s net income for Q2 was $1.3 billion. It is a 12% downfall when compared with last year. Nonetheless, it is still on the higher side of the forecasted results The Q2 gross profit came with a 33% decline from the previous year while the net income came as a negative $251 million with a negative growth of 6.7k%. The sales have declined significantly since 2022, which raises questions on the management. The Optimistic Projections However, the management is not only optimistic in their statements but also in their financial projections. Marvell’s CEO said that, Marvell delivered second-quarter fiscal 2024 revenue above the midpoint of guidance and that they are forecasting sequential revenue growth to accelerate in the third quarter. The CEO has also stated that this growth is being driven primarily by AI and cloud infrastructure. He ended his statement, by indicating how the demand for AI applications continues to strengthen, driving their overall revenue. The forecast that the management has presented, states that the revenue is expected to reach $1.4 billion. It will show a slight growth from the current one. Their margins after deducting COGS…
Filed under: News - @ October 25, 2023 11:18 pm