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Marvell Technology just turned in a quarter that makes the AI semiconductor boom look less like a trend and more like a structural shift. The company reported fiscal Q2 2027 revenue of $2.739 billion, a 37% jump from $2.006 billion a year earlier. Non-GAAP earnings per share came in at $0.94, up from $0.67 in the same period last year.
The results landed slightly above the midpoint of Marvell’s own guidance range.
Data centers are running the show
The story within the story is Marvell’s data center segment, which posted $2.17 billion in revenue. That’s a 46% increase year-over-year and represents roughly 79% of the company’s entire top line.
CEO Matt Murphy pointed to strong AI-related bookings as the primary catalyst, specifically calling out demand for optical interconnects, Ethernet switches, and custom XPU products.
Operating cash flow hit $605.5 million for the quarter.
Next quarter’s guidance tells the real story
If Q2 was strong, Marvell’s outlook for Q3 is downright bullish. The company guided for revenue of approximately $3.15 billion, plus or minus 5%. Non-GAAP EPS guidance came in at $1.10, plus or minus $0.05.
Marvell has also raised its revenue outlook for both fiscal year 2027 and fiscal year 2028.
GAAP earnings per share for the quarter stood at $0.33.
Acquisitions and partnerships fuel the AI push
Marvell recently acquired Celestial AI and XConn. Celestial AI specializes in optical interconnect technology. XConn focuses on chiplet connectivity.
The company also highlighted its partnership with NVIDIA, which positions Marvell’s networking and custom silicon products alongside the dominant platform in AI computing.
These strategic moves come after Marvell was added to the S&P 500 in mid-2026.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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