$MRVL

Earnings Snapshot: Marvell Q1 AI demand lifts revenue 28% YoY; Q2 tops views
Marvell jumps on back of strong Q1 results, guidance
Marvell Technology (MRVL) shares rose 3.5% in extended trading on Wednesday after the semiconductor company reported first-quarter results and guidance that topped Wall Street's forecast.
For the period ending May 2, Marvell said it earned an adjusted $0.80 per share as revenue rose 28% year-over-year to come in at $2.42B. Analysts had expected the company to earn an adjusted $0.79 per share on $2.41B in revenue.
“Marvell delivered record first-quarter fiscal 2027 revenue of $2.418 billion, up 28% year-over-year, and guided second-quarter revenue to $2.7 billion at the mid-point, representing 35% year-over-year growth. We expect revenue growth to continue accelerating each quarter throughout fiscal 2027, driven by continued strength in our data center business,” said Marvell CEO and Chairman Matt Murphy in a statement. “We are seeing exceptional AI-related bookings, and as a result, we are significantly raising Marvell’s revenue outlook for both fiscal 2027 and fiscal 2028 compared with the guidance we provided last quarter. This improved outlook is being driven by strong demand across a broad set of Marvell solutions, including 800G and 1.6T scale-out optics, 51.2T Ethernet scale-out switches, scale-up optical solutions for NPO and CPO applications, scale-across datacenter interconnect modules, and custom XPU and XPU-attach solutions.”
Looking ahead, Marvell said it expects to earn between $0.88 to $0.98 per share on an adjusted basis, while revenue is forecast to be $2.7B, plus or minus 5%. Marvell also said it anticipates adjusted gross margins will be between 58.25% and 59.25%.
Analysts had expected the company to earn an adjusted $0.90 per share on $2.6B in revenue.
The company will host a conference call at 4:45 p.m. EST to discuss the results.
Marvell Non-GAAP EPS of $0.80 beats by $0.01, revenue of $2.42B beats by $10M
Marvell press release (MRVL): Q1 Non-GAAP EPS of $0.80 beats by $0.01.
Revenue of $2.42B (+28.0% Y/Y) beats by $10M.
Second Quarter of Fiscal 2027 Financial Outlook
Net revenue is expected to be $2.700 billion +/- 5% vs consensus of $2.60B
GAAP gross margin is expected to be 52.1% to 53.1%.
Non-GAAP gross margin is expected to be 58.25% to 59.25%.
GAAP operating expenses are expected to be approximately $960 million.
Non-GAAP operating expenses are expected to be approximately $600 million.
Basic weighted-average shares outstanding are expected to be 899 million.
Diluted weighted-average shares outstanding are expected to be 915 million.
GAAP diluted net income per share is expected to be $0.37 +/- $0.05 per share.
Non-GAAP diluted net income per share is expected to be $0.93 +/- $0.05 per share vs consensus of $0.90