Marvell Delivers Record-Breaking Quarter with 13% Sequential and 37% Year-over-Year Revenue Growth
Marvell Technology Incorporated has announced its second quarter fiscal year 2027 earnings, boasting a record-breaking revenue of $2.739 billion. This achievement represents a 13% sequential growth and a staggering 37% year-over-year increase, exceeding the midpoint of guidance for both revenue and non-GAAP earnings per share at $0.94.
The company's Chairman and CEO, Matt Murphy, highlighted two significant management transitions within Marvell during the last quarter. Willem Meintjes stepped down as CFO in mid-June after a decade with the company, while Dan Durn took over as the new CFO, bringing over three decades of experience from senior finance roles across semiconductor and enterprise technology companies.
In addition, Ashish Saran will be retiring from the company in April 2027, marking the end of his eight-year tenure. Ross Seymore has been welcomed to Marvell's investor relations leadership team, having previously covered the semiconductor industry for over 25 years at Deutsche Bank.
Marvell's results and outlook for fiscal year 2027 have seen significant improvements. The company now expects revenue growth to accelerate in the second half of the year, with guidance for the third quarter indicating $3.15 billion at the midpoint, a 15% sequential increase and more than 50% year-over-year growth.
This increased growth is largely driven by the data center business, which is expected to grow approximately 60% this fiscal year, up from the prior expectation of around 50%. The custom business is also expected to ramp significantly in the second half. Communications and other end markets are expected to approach their 10% target for fiscal year 2027.
Looking ahead to fiscal year 2028, Marvell anticipates continued growth acceleration as aggregate demand increases. Despite industry-wide constraints, the company's operations team has been securing additional supply, demonstrating an outstanding job in preparing for future demands."
