Marvell Technology (MRVL) reported record revenues of $2.418 billion for the first quarter of fiscal 2027, with the data center segment representing 76% of total revenue. This growth is driven by increased AI spending from major cloud customers, leading to heightened demand for faster networking and higher bandwidth solutions.
The company expects interconnect revenues to grow over 70% year over year in fiscal 2027, with scale-out switch revenues projected to exceed $600 million. Additionally, custom silicon revenues are anticipated to increase more than 20% for fiscal 2027, propelled by the flagship XPU program. Marvell’s expanded partnership with NVIDIA enhances its position in next-generation AI infrastructure.
Year-to-date, Marvell’s shares have surged 239.9%, significantly outperforming the Zacks Electronics – Semiconductors industry, which gained 43%. The Zacks Consensus Estimate projects year-over-year earnings growth of 41% and 51% for fiscal 2027 and 2028, respectively, following recent upward revisions.
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