Marvell Technology reported record first-quarter fiscal 2027 revenue of $2.42 billion on Wednesday, up 28% from a year earlier, and raised its full-year outlook on strong demand for AI data center products.
GAAP net income fell sharply year over year to $34.5 million, or $0.04 per diluted share, from $177.9 million, or $0.20 per diluted share, a decline the company attributed in part to acquisition-related costs. On a non-GAAP basis, the company earned $0.80 per diluted share, the company said.
Marvell’s data center segment generated $1.83 billion in revenue, up 27% year over year, and accounted for 76% of total revenue. The communications and other segment contributed $585.1 million, up 29% from the prior year period.
Looking ahead to the second quarter of fiscal 2027, the company set a revenue target of $2.70 billion, plus or minus 5%, along with non-GAAP diluted earnings per share of $0.93, plus or minus $0.05 — both figures coming in above the consensus forecasts of $2.60 billion and $0.90, respectively, according to Yahoo Finance.
The company also said it was raising its revenue outlook for both fiscal 2027 and fiscal 2028 compared with guidance issued last quarter. Marvell Chairman and CEO Matt Murphy cited demand across a range of products, including 800G and 1.6T scale-out optics, 51.2T Ethernet scale-out switches, and custom XPU and XPU-attach solutions.
Murphy credited surging demand 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.”
The quarter’s non-GAAP gross margin reached 58.9%. Operating cash flow reached $638.8 million, a record, the company said. Marvell completed acquisitions of Celestial AI and XConn Technologies in Feb. 2026, both of which are included in the quarterly results.
Shares climbed close to 7% in after-hours trading after the results were released, according to Yahoo Finance.
