Marvell Technology's (MRVL) first-quarter fiscal 2025 report release෴d after the bell Thursday showed that struggles in most areas of business offset an ♐87% year-over-year jump in data center revenue.

Total revenue for the quarter was $1.16 billion, narrowly above the $1.15 billion 澳洲幸运5官方开奖结果体彩网:analysts expected thanks to what Marvell 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Matt Murphy called "stronger than forecasted demand" for its 澳洲幸运5官方开奖结果体彩网:💟artificial intelligence-related p🌱roducts. 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 ꦰper share, as analyst 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 Rev🤡enue Drops in Other📖 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官方开奖结果体彩网:AI-related products, wasn't enough to ofꦚfset declines in its other divisions, which ranged from 13% to 75% compared with last year.

The company 澳洲幸运5官方开奖结果体彩网:warned in March that this quarter's🎶 results would likely disappoint, but said the declines should be li🐼mited to the first quarter as the businesses 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 shar♏es fell 6.7% to $71.74 as of 9:45 a.m. ET Fr🅘iday.