Stock Market Today, Aug. 28: Marvell Slides 10% on Softer Fiscal 2028 Guidance and Google Deal Timing
Fiscal Q2 results beat estimates, but investors zeroed in on near-term monetization risk tied to a major customer partnership, today, Aug. 28, 2026.
Overview
Marvell Technology (NASDAQ:MRVL), a data-center networking and custom AI semiconductor solutions provider, closed at $216.62, down 10.28%. The stock fell after the fiscal second-quarter results beat estimates, as investors focused on softer fiscal 2028 guidance and a lack of details on the Google deal. Trading volume reached 47.7M shares, coming in nearly 18% above its three-month average of 40.3M shares. Marvell Technology IPO'd in 2000 and has grown 1,430% since going public.
S&P 500 (SNPINDEX:^GSPC) closed at 7,710, down 0.27%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) finished at 26,402, down 0.52%. Among semiconductor design for data infrastructure, networking, and custom AI chips peers, Broadcom (NASDAQ:AVGO) closed at $368.79, down 0.74%, and NXP Semiconductors (NASDAQ:NXPI) closed at $223.58, down 1.01%.
Details
Marvell delivered earnings that beat Wall Street's expectations, with sales and EPS rising 37% and 50%, respectively. However, analysts wanted more from the company's 2028 guidance, despite management raising 2027 revenue guidance to $12 billion and 2028 to $18 billion, compared to $9.5 billion over the last 12 months.
Source
Originally published at www.fool.com.