Marvell raised its 2028 revenue forecast to about $20 billion on Tuesday, citing strong demand for its data center chips. Shares of the company got a boost and rose nearly 9% in early trading. The stock has more than tripled in value this year, showing strong investor confidence in performance.
Synopsis
Marvell has increased its revenue forecast for 2028 to around $20 billion due to strong demand. The company's shares surged nearly 9% in early trading following the announcement. Previously, Marvell had projected $18 billion in revenue in August, while analysts expected slightly higher figures. This year, the stock has tripled in value, reflecting investor confidence in the company's performance.
Marvell raised its 2028 revenue forecast to about $20 billion on Tuesday, citing strong demand for its chips used in data centers.
Shares of the company rose nearly 9% in early trading. The stock has more than tripled in value so far this year.
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Marvell had forecast $18 billion in revenue in August. Analysts were expecting revenue of $18.2 billion, according to data compiled by LSEG.
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