Key points
- Marvell (MRVL) posted a record $2.74 billion in quarterly revenue, a 37% increase, and projected $3.15 billion for the next quarter.
- CEO Matt Murphy told investors to expect about $12 billion in fiscal 2027 revenue and about $18 billion in fiscal 2028.
- Shares fell about 7% in after-hours trading after closing at $241.47 on Thursday.
Marvell Technology (MRVL) set a company revenue record in its fiscal 2027 second quarter. Results released Thursday, August 27, showed sales of $2.739 billion, 37% higher than a year ago and $39 million above the midpoint of Marvell's own guidance. The data center business contributed $2.171 billion, up 46%, and represented 79% of total revenue.
Earnings were $0.94 per diluted share on a non-GAAP basis and $0.33 under GAAP. Marvell produced $605.5 million of operating cash flow, used $200 million for share repurchases and $53.9 million for dividends, and closed the quarter with $3.9 billion of cash.
Management expects current-quarter revenue of $3.15 billion, with a 5% range in either direction. The midpoint for non-GAAP earnings is $1.10 per share. Both figures came in above Wall Street's expectations, which stood at $3.0 billion and $1.08 according to FactSet estimates cited by MarketWatch. Hitting the revenue target would bring year-over-year growth to approximately 50%.
"AI-related bookings remain exceptionally robust, and we expect our revenue growth to accelerate further through the remainder of fiscal 2027," CEO Matt Murphy said in the release. "Given this strength, we are again raising our revenue outlook for both fiscal 2027 and fiscal 2028 compared with the guidance we provided last quarter."
The full-year numbers came out on the call
The press release itself carried no full-year figures. Those came on the earnings call. Murphy said Marvell now expects around $12 billion in revenue for fiscal 2027, up from the prior outlook of approximately $11.5 billion, for growth of about 45%. Data center revenue is now expected to grow about 60% this fiscal year, up from the 50% the company projected a quarter ago.
For fiscal 2028, Murphy said Marvell expects revenue of about $18 billion, up from the approximately $16.5 billion outlook the company gave in May. He said data center revenue would grow "more than 60% year over year in fiscal 2028, driven by strong growth across all of our key data center businesses," and that the figure includes the company's custom chip business "more than doubling."
The Google warrant is already inside those numbers
The forecast lands nine days after Marvell issued Google a warrant to buy up to 58.97 million shares at $206.58 each, worth up to $12.2 billion if fully exercised, as part of a custom chip agreement the two companies signed in July. Most of the warrant vests only as Google buys custom chips from Marvell, one tranche for every $500 million in purchases through fiscal 2033, terms that sent the stock up as much as 13% on August 19.
On Thursday's call, Murphy said revenue from the programs covered by the Google warrant agreement through fiscal 2028 is already included in the custom revenue target the company had previously provided.
Marvell shares closed Thursday at $241.47, down 1.5% in the regular session, and fell about 7% more in extended trading, to around $224 as of 5:45 p.m. Eastern. The stock came into the report having nearly tripled this year, from a 2025 closing price near $85.
The company holds its Investor Day in New York on October 6. "We look forward to showcasing these growth drivers and sharing Marvell's long-term strategy for enabling the continued expansion of AI infrastructure at our Investor Day on October 6th, 2026," Murphy said.
Sources: Marvell Technology second-quarter fiscal 2027 press release, August 27, 2026; Marvell's August 27, 2026 earnings call; Marvell 8-K filed with the SEC on August 19, 2026; MarketWatch (FactSet consensus figures); live quotes. Prices are as of after-hours trading on Thursday, August 27, 2026, and are subject to change.
