Why Marvell Technology Stock Dropped Today - Marvell Technology (NASDAQ:MRVL)

Marvell Technology, Inc. (NASDAQ:MRVL) shares are trading lower Thursday as the semiconductor sector pulls back after gaining in sympathy with NVIDIA Corporation (NASDAQ: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.

Related Link: What's Going On With Palantir Stock?

MRVL Price Action: Shares of MRVL were down 6.37% at $57.59 at the time of publication, according to Benzinga Pro.

Image by Michael Schwarzenberger from Pixabay

MRVLMarvell Technology Inc

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