Marvell hits 3-month high after raising FY28 revenue forecast
MRVL•Marvell shares jumped 7.4% after the chip designer raised its FY28 revenue forecast to about $20 billion from $18 billion. The new forecast is above analysts’ $18.2 billion estimate.
1. Higher revenue outlook
Marvell raised its FY28 revenue outlook to about $20 billion at its investor day, up from an $18 billion forecast in August. The forecast is above analysts’ $18.2 billion estimate.
2. Longer-term targets
The CEO sees a $400 billion addressable market by 2030 and projects FY31 revenue of $70 billion to $90 billion. The stock reached its highest level since June 30, and including the session’s move, had more than tripled in value year to date.
