Marvell Sheds 10% on a 37% Revenue Jump as Workday Gains 5.8%

Marvell Technology closed 10.28% lower at 216.62 on Friday, Aug. 28, 2026 despite reporting non-GAAP EPS of $0.94 and revenue up 37% year over year to $2.74 billion, while Workday rose 5.76% to 204.72 after posting $2.75 in non-GAAP EPS on revenue of $2.65 billion.

Four enterprise technology names came into Friday's session with fresh numbers on the table, and the market sorted them without much regard for the size of the reported growth. Marvell Technology (MRVL) posted the fastest revenue expansion of the group and finished the day with the worst tape. Workday (WDAY), which grew the slowest of the four, finished with the best.

Marvell reported non-GAAP EPS of $0.94, with revenue up 37% year over year to $2.74 billion. The stock closed at 216.62, down 10.28% from the prior close of 241.45, and traded as low as 215.55 during the session. That is a heavy print against a market that barely moved: the S&P 500 tracker (SPY) closed at $769.35, off 0.23%, and the Dow tracker (DIA) was essentially flat at $535.06. The Nasdaq 100 proxy (QQQ) took the worst of it among the benchmarks, closing at $716.43, down 0.65%, as of the last trade at 20:00 GMT on Friday, Aug. 28, 2026.

Why a 37% growth quarter got sold

The explanation is not in the income statement, it is in the entry price. Marvell shares nearly doubled in 2026 before this report, up 170% on the year, which means a good quarter had to clear a bar that had already been raised several times. When a stock has run that far, a beat becomes the exit liquidity for holders who were sitting on the move rather than the catalyst for new buyers.

Baystreet, flagging the four names ahead of the open, argued traders should stand aside on Marvell and that NVIDIA (NVDA) and software names offered better relative value, while long-term holders could accumulate on the view that the company's repositioning around AI infrastructure spending eventually widens shareholder returns.

Relative value cut both ways on the day. NVIDIA closed at 217.55, down 4.58% from 227.98, with a session low of 216.81 — a smaller decline than Marvell's but the same direction. That matters for how to read Friday: this was not a company-specific verdict on Marvell's chip business so much as a broad de-risking across the AI hardware complex, amplified in the name that had appreciated most.

Autodesk carries an unclosed $3.6 billion deal into the print

Autodesk (ADSK) reported $3.30 in non-GAAP EPS on revenue of $2.05 billion, up 16.5% year over year. Expectations going into the open were for a drop of roughly 5%; the stock closed at 260.66, down 3.67% from 270.58, having touched 253.16 intraday. So the low of the day was worse than the pre-market view and the close was better.

The complication in Autodesk's report is the MaintainX acquisition, for which the company paid $3.6 billion and which had not closed as of the report. An unclosed deal of that size leaves investors modelling two things at once: the standalone business, which is compounding revenue in the mid-teens, and an integration whose costs will land on the profit line before the revenue contribution shows up. Design-software buyers tend to pay for margin consistency. A pending purchase of that scale introduces a period where margin direction is a judgment call rather than a trend, and that is usually good for a few points of multiple compression.

Workday's slower growth reads better than Marvell's faster growth

Workday reported $2.75 in non-GAAP EPS on revenue of $2.65 billion, up 12.8% year over year — the smallest growth rate among the four companies here. It closed at 204.72, up 5.76% from 193.57, with a range of 189.25 to 207.84. Nothing else in the group finished green.

The gap between Workday's move and Marvell's is the clearest lesson of the session. Subscription software growing near 13% with expanding margins is a profile investors can underwrite for several years; the number does not need to accelerate for the thesis to work, it needs to hold while operating leverage does the rest. A semiconductor business growing 37% has to keep proving the rate, because the market capitalizes acceleration and punishes any hint that a cycle has peaked. Same tape, opposite reactions.

Okta gives back part of a 28.63% day

Okta (OKTA) came into Friday having gained 28.63% in the prior session, helped by the completed acquisition of Permiso, which adds detection capability to its identity-security platform. On Friday it closed at 166.23, down 3.86% from 172.91, with a session low of 166.10 — the day's weakness ran into the close rather than fading out of it.

Giving back under four points after a nearly 29% advance is an orderly consolidation, not a reversal. The question for the next few quarters is whether Permiso becomes a cross-sell into the existing customer base or another product line to maintain. Peer pricing offers a reference point: Zscaler (ZS) closed at 184.23, down 1.64% from 187.30. The security group as a whole drifted lower on Friday, so most of Okta's move was its own.

What to track from here

Three specific items are worth following. First, whether Marvell's decline stabilizes near the session low around 215.55 or extends, which would suggest positioning rather than fundamentals is still being unwound. Second, the closing timetable and initial cost guidance for MaintainX, since that determines how long Autodesh's margin picture stays unresolved — and the answer will arrive in a filing, not a press release. Third, whether Workday's margin expansion continues at a growth rate in the low teens, because that combination, not the top-line number, is what Friday's buyers paid for.

The wider read is that a strong quarter is now a necessary condition rather than a sufficient one. In a market where the benchmarks moved less than a percent, the four largest single-stock moves of the day were all driven by where the shares had traded before the numbers came out.

Key facts

• MRVL last close: 216.62, -10.28% (Aug 28, 2026, 20:00 GMT)
• Marvell quarter: Non-GAAP EPS $0.94; revenue $2.74B, +37% Y/Y
• Best performer: WDAY +5.76% to 204.72 on $2.65B revenue, +12.8% Y/Y
• Pending deal: Autodesk's $3.6B MaintainX purchase had not closed

Frequently asked questions

Why did Marvell fall if its revenue grew 37%?

Marvell shares had already risen 170% in 2026 before the report, so a strong quarter met expectations that had been repriced upward repeatedly. The stock closed at 216.62, down 10.28% from 241.45. NVIDIA also fell 4.58% on the day, suggesting broad profit-taking across AI hardware rather than a company-specific problem.

What did Marvell actually report?

Marvell Technology posted non-GAAP EPS of $0.94 and revenue of $2.74 billion, up 37% year over year. Non-GAAP earnings exclude certain items such as stock compensation and acquisition costs, so they typically read higher than reported GAAP results. Despite that growth rate, the shares closed down 10.28% on Friday, Aug. 28, 2026.

How did Workday's numbers compare?

Workday reported $2.75 in non-GAAP EPS on revenue of $2.65 billion, up 12.8% year over year — the slowest growth among the four companies covered, with margins expanding. It was also the only one to close higher, up 5.76% at 204.72, after trading between 189.25 and 207.84 during the session.

What is the issue with Autodesk's MaintainX acquisition?

Autodesk paid $3.6 billion for MaintainX, and the transaction had not closed as of the earnings report. Until it does, integration costs are expected to weigh on profit growth before the acquired revenue contributes fully, leaving investors uncertain about near-term margin direction. Autodesk closed at 260.66, down 3.67%, having reported $3.30 non-GAAP EPS.

Why did Okta drop after its big rally?

Okta had gained 28.63% in the prior session, aided by the completed acquisition of Permiso, which adds detection capability to its identity-security platform. On Friday it closed at 166.23, down 3.86% from 172.91 — a partial giveback rather than a reversal. Peer Zscaler also eased, closing at 184.23, down 1.64%.

How did the broader market trade that day?

As of the last trade at 20:00 GMT on Friday, Aug. 28, 2026, the S&P 500 tracker closed at $769.35, down 0.23%; the Nasdaq 100 proxy at $716.43, down 0.65%; and the Dow tracker at $535.06, down 0.03%. The single-stock moves in these four names were far larger than the index moves.

Sources

• Friday's Stocks to Watch — Baystreet

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