Marvell beat expectations with its latest quarterly results and outlook, but that wasn’t enough to lift the stock.

Marvell’s latest earnings beat Wall Street’s estimates, but the company’s outlook was roughly in line with expectations.

Despite topping those key guidance metrics, Marvell’s stock fell more than 15% after-hours. This year, investors have been punishing AI-related stocks that fail to meet their sky-high expectations, and Marvell’s stock is now down 18% in the year to date.