Marvell Technology (MRVL) reported fiscal second‑quarter 2027 results that topped consensus expectations. Adjusted earnings per share came in at $0.94 versus the $0.93 forecast, while revenue reached $2.74 billion, edging past the $2.71 billion estimate. The company highlighted a 46% year‑over‑year rise in its data‑center portfolio revenue.
For the upcoming fiscal third quarter, Marvell projected adjusted EPS of $1.10, give or take five cents, compared with the $1.08 consensus. Revenue guidance was set at $3.15 billion, plus or minus 5%, versus the $3.04 billion analysts had anticipated.
Despite the upbeat numbers, Marvell’s shares fell roughly 8% in pre‑market trading on Friday. The stock had surged nearly 29% in August and was up almost three‑fold year‑to‑date, hitting a record $329.88 on June 18 after Nvidia CEO Jensen Huang labeled Marvell the next “trillion‑dollar” company. Since that peak, the shares have slipped about 27%.
CEO Matt Murphy said the company’s AI‑related bookings remain “exceptionally robust” and that revenue growth is expected to accelerate through the rest of fiscal 2027. He added that the data‑center portfolio is seeing “broad‑based strength,” especially in connectivity and a “significant acceleration” in the custom business in the second half of the fiscal year.
Raymond James analyst Simon Leopold noted that early 2026 price appreciation likely reflected short covering, while recent gains stem from improving fundamentals. He pointed to a new CFO and IR lead as reasons the guidance appeared conservative, and said an October analyst meeting should provide more insight into the longer‑term outlook.
A week before the earnings release, Marvell announced an expanded agreement with Google to develop custom chips for AI inference accelerators, storage controllers, and network interface controllers tied to Google’s tensor‑processing‑unit ecosystem. The deal includes a warrant structure of 240 tranches that could generate up to $120 billion in cumulative revenue through fiscal 2033 if fully exercised.
The broader semiconductor market has been volatile; the Philadelphia Semiconductor Index fell more than 20% in July, while Nvidia’s recent earnings and guidance lifted sentiment in the AI trade.
