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Marvell Technology Q1 Earnings Match Estimates, Revenues Rise Y/Y
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Key Takeaways
MRVL posted Q1 fiscal 2027 revenues of $2.42B, driven by strong AI-related data center demand.
Marvell raised fiscal 2027 revenue guidance to nearly $11.5B and sees 2028 revenues near $16.5B.
MRVL expanded NVIDIA ties and expects AI-driven interconnect demand to boost future growth.
Marvell Technology (MRVL - Free Report) came out with first-quarter fiscal 2027 earnings of 80 cents per share, in line with the Zacks Consensus Estimate. The company reported earnings of 62 cents per share a year ago. The bottom line increased 29% year over year.
Marvell Technology’s earnings surpassed the Zacks Consensus Estimate in two of the trailing four quarters, while missing the same on two occasions, with an average surprise of 0.4%.
MRVL’s first-quarter fiscal 2027 revenues of $2.42 billion surpassed the Zacks Consensus Estimate by 0.59%. MRVL reported revenues of $1.90 billion in the year-ago quarter.
MRVL Leans on Data Center Momentum
The top-line record was built on demand in both reported end markets. Data center revenues increased 27% year over year and 11% sequentially to $1.83 billion. Communications and other revenues were $585 million, up 29% year over year and 3% sequentially.
Marvell Technology, Inc. Price, Consensus and EPS Surprise
Management pointed to “exceptional AI-related bookings” across its data center lineup and guided for continued sequential acceleration as fiscal 2027 progresses. The message was that AI buildout is pulling through multiple product families, including optical interconnect, custom silicon and switching.
MRVL Broadens Its Connectivity Footprint
Marvell Technology emphasized strength in 800G PAM4 products, a quick ramp of 1.6T solutions and expanding traction in Ethernet switching as networking becomes more critical in larger AI clusters. The company also said the shift toward larger, multi-site AI systems is increasing the importance of data center interconnect modules.
Strategically, MRVL highlighted an expanded partnership with NVIDIA across optics, NVLink Fusion integration and AI-RAN, intended to connect its custom silicon and optical networking capabilities into the NVIDIA ecosystem. Management said it has a line of sight to a $1 billion annualized DCI module revenue run rate during fiscal 2028.
Marvell Technology’s Profitability
MRVL reported non-GAAP gross margin of 58.9%. Non-GAAP operating margin was 35.0%, supported by $846.9 million of non-GAAP operating income. MRVL’s non-GAAP operating expenses were $576.9 million as the company continued investing in AI growth priorities.
MRVL Generates Cash While Locking in Supply
Operating cash flow was a record $638.8 million in the quarter. Cash and cash equivalents ended the period at $3.84 billion compared with $2.64 billion posted on Jan. 31, 2026. MRVL’s total debt stood at $4.96 billion.
MRVL repurchased $200 million of stock and paid $53.8 million in dividends. To support AI-driven demand, the company is forecasting approximately $1 billion of prepayments during fiscal 2027 to secure additional capacity, with the first payments beginning in the second quarter.
MRVL completed the Celestial AI acquisition on Feb. 2, 2026, and the buyout of XConn on Feb. 10, 2026, and the quarter’s results included both businesses from their acquisition dates.
The company also highlighted the acquisition of Polariton Technologies, positioning plasmonic-based silicon photonics as a pathway to higher modulator bandwidth and scaling optical performance to 3.2T and beyond.
Guidance for Q2 & FY27
For the second quarter of fiscal 2027, Marvell Technology guided revenues to $2.7 billion (+/-5%). The Zacks Consensus Estimate for second-quarter fiscal 2027 revenues is pegged at $2.6 billion, indicating year-over-year growth of 29.6%.
Non-GAAP diluted earnings are expected to be 93 cents per share (+/- $0.05). The Zacks Consensus Estimate for second-quarter 2027 earnings is pegged at 91 cents per share, indicating year-over-year growth of 35.8%.
Management also raised its broader outlook. MRVL now expects fiscal 2027 revenues to grow about 40% year over year to nearly $11.5 billion and sees fiscal 2028 revenues rising about 45% to roughly $16.5 billion. The Zacks Consensus Estimates for fiscal 2027 revenues is pegged at $10.84 billion, indicating year-over-year growth of 32.3%.
The company expects data center growth of about 50% in fiscal 2027 and about 55% in fiscal 2028, with interconnect positioned as a key swing factor.
Shares of Applied Materials have gained 77.1% year to date. The Zacks Consensus Estimate for Applied Materials’ fiscal 2026 earnings is pegged at $12.02 per share, up 9 cents over the past seven days, indicating a year-over-year surge of 27.6%.
Shares of Celestica have gained 25.1% year to date. The Zacks Consensus Estimate for Celestica’s 2026 earnings is pegged at $10.16 per share, up 15.1% over the past 30 days, indicating a year-over-year jump of 67.9%.
Amphenol shares have jumped 3.3% year to date. The Zacks Consensus Estimate for APH’s 2026 earnings is pegged at $4.76 per share, up 11.4% over the past 30 days, indicating a year-over-year increase of 42.5%.
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Marvell Technology Q1 Earnings Match Estimates, Revenues Rise Y/Y
Key Takeaways
Marvell Technology (MRVL - Free Report) came out with first-quarter fiscal 2027 earnings of 80 cents per share, in line with the Zacks Consensus Estimate. The company reported earnings of 62 cents per share a year ago. The bottom line increased 29% year over year.
Marvell Technology’s earnings surpassed the Zacks Consensus Estimate in two of the trailing four quarters, while missing the same on two occasions, with an average surprise of 0.4%.
MRVL’s first-quarter fiscal 2027 revenues of $2.42 billion surpassed the Zacks Consensus Estimate by 0.59%. MRVL reported revenues of $1.90 billion in the year-ago quarter.
MRVL Leans on Data Center Momentum
The top-line record was built on demand in both reported end markets. Data center revenues increased 27% year over year and 11% sequentially to $1.83 billion. Communications and other revenues were $585 million, up 29% year over year and 3% sequentially.
Marvell Technology, Inc. Price, Consensus and EPS Surprise
Marvell Technology, Inc. price-consensus-eps-surprise-chart | Marvell Technology, Inc. Quote
Management pointed to “exceptional AI-related bookings” across its data center lineup and guided for continued sequential acceleration as fiscal 2027 progresses. The message was that AI buildout is pulling through multiple product families, including optical interconnect, custom silicon and switching.
MRVL Broadens Its Connectivity Footprint
Marvell Technology emphasized strength in 800G PAM4 products, a quick ramp of 1.6T solutions and expanding traction in Ethernet switching as networking becomes more critical in larger AI clusters. The company also said the shift toward larger, multi-site AI systems is increasing the importance of data center interconnect modules.
Strategically, MRVL highlighted an expanded partnership with NVIDIA across optics, NVLink Fusion integration and AI-RAN, intended to connect its custom silicon and optical networking capabilities into the NVIDIA ecosystem. Management said it has a line of sight to a $1 billion annualized DCI module revenue run rate during fiscal 2028.
Marvell Technology’s Profitability
MRVL reported non-GAAP gross margin of 58.9%. Non-GAAP operating margin was 35.0%, supported by $846.9 million of non-GAAP operating income. MRVL’s non-GAAP operating expenses were $576.9 million as the company continued investing in AI growth priorities.
MRVL Generates Cash While Locking in Supply
Operating cash flow was a record $638.8 million in the quarter. Cash and cash equivalents ended the period at $3.84 billion compared with $2.64 billion posted on Jan. 31, 2026. MRVL’s total debt stood at $4.96 billion.
MRVL repurchased $200 million of stock and paid $53.8 million in dividends. To support AI-driven demand, the company is forecasting approximately $1 billion of prepayments during fiscal 2027 to secure additional capacity, with the first payments beginning in the second quarter.
MRVL completed the Celestial AI acquisition on Feb. 2, 2026, and the buyout of XConn on Feb. 10, 2026, and the quarter’s results included both businesses from their acquisition dates.
The company also highlighted the acquisition of Polariton Technologies, positioning plasmonic-based silicon photonics as a pathway to higher modulator bandwidth and scaling optical performance to 3.2T and beyond.
Guidance for Q2 & FY27
For the second quarter of fiscal 2027, Marvell Technology guided revenues to $2.7 billion (+/-5%). The Zacks Consensus Estimate for second-quarter fiscal 2027 revenues is pegged at $2.6 billion, indicating year-over-year growth of 29.6%.
Non-GAAP diluted earnings are expected to be 93 cents per share (+/- $0.05). The Zacks Consensus Estimate for second-quarter 2027 earnings is pegged at 91 cents per share, indicating year-over-year growth of 35.8%.
Management also raised its broader outlook. MRVL now expects fiscal 2027 revenues to grow about 40% year over year to nearly $11.5 billion and sees fiscal 2028 revenues rising about 45% to roughly $16.5 billion. The Zacks Consensus Estimates for fiscal 2027 revenues is pegged at $10.84 billion, indicating year-over-year growth of 32.3%.
The company expects data center growth of about 50% in fiscal 2027 and about 55% in fiscal 2028, with interconnect positioned as a key swing factor.
MRVL’s Zacks Rank and Stocks to Consider
Currently, MRVL carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Computer and Technology sector are Applied Materials (AMAT - Free Report) , Celestica (CLS - Free Report) and Amphenol (APH - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Applied Materials have gained 77.1% year to date. The Zacks Consensus Estimate for Applied Materials’ fiscal 2026 earnings is pegged at $12.02 per share, up 9 cents over the past seven days, indicating a year-over-year surge of 27.6%.
Shares of Celestica have gained 25.1% year to date. The Zacks Consensus Estimate for Celestica’s 2026 earnings is pegged at $10.16 per share, up 15.1% over the past 30 days, indicating a year-over-year jump of 67.9%.
Amphenol shares have jumped 3.3% year to date. The Zacks Consensus Estimate for APH’s 2026 earnings is pegged at $4.76 per share, up 11.4% over the past 30 days, indicating a year-over-year increase of 42.5%.