Marvell Posts Record Earnings. Wall Street Sent Them Lower.

Marvell Posts Record Earnings. Wall Street Sent Them Lower.

Sat, August 29, 2026 at 12:32 AM GMT+3 1 min read

• MRVL -10.28%
• NVDA -4.57%

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Marvell Technology posted a double beat in the second quarter after the market closed this week, only for Wall Street to shrug and send the stock down nearly 11% on Friday.

Marvell's Q2 net revenue came in at $2.739 billion, a record, up 37% year over year. Profit margins were 53.1% GAAP and 58.9% adjusted. GAAP diluted earnings per share were $0.33, while non-GAAP diluted earnings per share hit $0.94, a 185% difference. That gap is driven almost entirely by stock-based compensation and the accounting costs of Marvell's acquisitions, namely Celestial AI and XConn Technologies Holdings. As for whether that continues, Marvell makes clear it isn't sure. The company said it doesn't "provide a reconciliation of its forward-looking non-GAAP measures" because the relevant items "cannot reasonably be estimated in advance."

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Whatever the future holds, for chipmakers these days, enough is never enough in Wall Street's eyes. Marvell's strong performance led to investors looking it over, shrugging, and telling CEO Matt Murphy to do better.

Like Nvidia before it, the bar may simply be too high and a repricing may be in order. The PHLX Semiconductor Sector Index (SOX), which tracks the top 30 companies in semiconductors, is down almost 4%. If the slide continues, expect more sector volatility ahead.