Marvell posts record $2.74 billion revenue as shares fall over 6% after hours

Marvell Technology reported record revenue of $2.74 billion for its fiscal second quarter, up 37% from a year earlier, as demand for artificial intelligence infrastructure continued to drive its data center business.

The chipmaker posted GAAP net income of $308 million, or $0.33 per diluted share. Non-GAAP net income reached $865.9 million, while adjusted earnings came in at $0.94 per share.

Despite the results, Marvell shares fell more than 6% in after-hours trading following the earnings release.

Data center revenue climbed to $2.17 billion from $1.49 billion a year earlier, representing 46% year-over-year growth. The segment accounted for 79% of Marvell’s total quarterly revenue, up from 74% a year earlier.

CEO Matt Murphy said AI-related bookings remain strong and expects revenue growth to accelerate through the remainder of fiscal 2027. Marvell also raised its revenue outlook for fiscal 2027 and fiscal 2028, citing strength across its data center portfolio.

For the fiscal third quarter, Marvell expects revenue of approximately $3.15 billion, plus or minus 5%. The company guided for non-GAAP earnings of $1.10 per diluted share, plus or minus $0.05.

Marvell ended the quarter with $3.93 billion in cash and cash equivalents, compared with $3.84 billion in the previous quarter.

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