Marvell Technology, Inc. MRVL shares are trading lower Thursday as the semiconductor sector pulls back after gaining in sympathy with NVIDIA Corporation NVDA, which reported strong earnings and issued upbeat guidance.
What To Know: NVIDIA reported quarterly earnings of $2.70 per share which beat the analyst consensus estimate of $2.09. The company reported quarterly sales of $13.51 billion which beat the analyst consensus estimate of $11.22 billion, a 101.52% increase over sales of $6.70 billion the same period last year.
The company issued third-quarter revenue guidance of $16.00 billion, plus or minus 2%.
Marvell is set to report second-quarter earnings after the market close Thursday. The company is expected to report earnings of 32 cents per share and revenue of $1.33 billion.
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MRVL Price Action: Shares of MRVL were down 6.37% at $57.59 at the time of publication, according to Benzinga Pro.
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