Marvell Technology's (MRVL) first-quarter fiscal 2025 report released after the ဣbell Thursday showed that struggles in most areas of business offset an 87% year-over-year ju✱mp in data center revenue.

Total revenue for the quarter was $1.16 billion, narrowly above the $1.15 billion 澳洲幸运5开奖号码历史查询:analysts expected thanks to what Marvell 澳洲幸运5开奖号码历史查询:Chief Executive Officer (CEO) Matt Murphy called "stronger than forecasted demand" for its 澳洲幸运5开奖号码历史查询:artificia🐼l intelligence-related products. In the first quarter a year ago, Marvell generated $1.32 billion in revenue.

Marvell reported a wider-than-expected loss of $215.6 million, or 25 cents per share, as analဣyst estimates compiled by Visible Alpha had projected a quarterly loss of $196.6 million, or 20 cents per share. Last year, the company lost $168.9 million, or 20 cents per share, in the first quarter.

AI Momentum Not Enough To Offset Revenue Drops in Other൩ Divisions

Marvell's 87% jump in data center revenue to $816.4 million, which was largely fueled by the company's 澳洲幸运5开奖号码历史查询:AI-related products, wasn't enough to offset declines🌄 in its other divisions, which ranged from 13% to 75% compared with last year.

The company 澳洲幸运5开奖号码历史查询:warned in March that this quarter's results would likely disappoint, but said the declines should be limited to the first quarter as the busi🧸nesses recover in the second half 🦋of the year.

"For the second quarter of fiscal 2025, we are guiding an 8% sequential increase in revenue at the mid-point, fueled by ramping custom AI silicon," Murphy said in Thursday's earnings release. "We see a favorable setup for the second half of this fiscal year, driven by continued growth in data center and the beginning of a recovery in enterprise networking and carrier infrastructure."

Jefferies analysts agreed, raising their price target for Marvell stock to $90 from $85 in a Thursday note, writing that recovery in the company's other divisions "should start to recover and layer on top of the AI business that currently acts as the primary driver of the stock."

For the current quarter, Marvell projects revenue within 5% of $1.25 billion, and a loss per share of 15 cents to 25 cents. Analysts project Marvell's revenue and diluted loss per share for the second quarter to be $1.22 billion and 16 cents, respectively.

Marvell shares fell 6.7% to $71.74 a💃s of♔ 9:45 a.m. ET Friday.