Marvell shares slide after record quarter as investors press on Google deal timing and FY2028 outlook

Marvell shares fell more than 7% in after-hours trading after the August 27 report, even though revenue and EPS beat estimates. Analysts asked why the Google agreement would not add more revenue in fiscal 2028; CEO Matt Murphy said the larger impact is expected in fiscal 2029. The company lifted its fiscal 2028 revenue outlook to about $18 billion from $16.5 billion.

• After-hours drop of more than 7% on August 27
• Adjusted EPS $0.94 versus about $0.93 expected by the Street
• Q3 revenue guidance of about $3.15 billion versus $3.04 billion Street estimate
• Fiscal 2028 revenue outlook raised to about $18 billion from $16.5 billion
• Management says the Google deal's larger revenue impact comes in fiscal 2029