Marvell Technology (NASDAQ:MRVL) shares were trading nearly 6% lower today after the company reported its Q3 results, with EPS of $0.57 coming in worse than the Street estimate of $0.59. Revenue was $1.54 billion, missing the Street estimate of $1.56 billion.

The company expects Q4/23 EPS to be in the range of $0.41-$0.51, worse than the Street estimate of $0.62. Revenue is expected to be $1.4 billion, compared to the Street estimate of $1.61 billion. The primary headwinds are coming in the company’s Data Center segment (40% of revenues), with a 25% quarter-over-quarter drop in Q4 guidance coming from a severe decline in the Storage portion of that segment as well as a broad softening in Cloud/China demand.

Analysts at Deutsche Bank believe that the company’s disappointing guide in its most “secular” end market (Data Center) will likely lead to investors questioning if the company’s strong growth in the last two years was purely a cyclical phenomenon or a secular acceleration.