Marvell Technology (MRVL) Shares Plunge Amidst Market Turbulence
Marvell Technology (MRVL) shares plunged 16.9% after reporting fourth-quarter results and providing revenue and EPS guidance below analysts' expectations, driven by underperformance in Carrier infrastructure and Auto/Industrial segments. Data Center segment showed strong growth, benefiting from AI demand, but the overall results fell short of high expectations. The company also announced a $3 billion increase to its share repurchase program. The market's perception of the business has been significantly impacted, and the stock is currently trading 10.8% below its 52-week high.