Marvell Posts Record Q1 Revenue as AI Demand Fuels Outlook Upgrade

Marvell reported Q1 FY2027 revenue of $2.418 billion, a record that rose 28% year-over-year, with GAAP net income of $34.5 million and non-GAAP net income of $718 million; operating cash flow was a record $638.8 million. The company completed the Celestial AI and XConn acquisitions, and raised its outlook for fiscal 2027 and 2028 driven by AI-related bookings across data-center solutions (800G/1.6T optics, Ethernet switches, optical components, and XPU offerings). For Q2, Marvell guided revenue of about $2.7 billion (±5%), GAAP gross margin 52.1–53.1% and non-GAAP gross margin 58.25–59.25%, supporting a stronger overall outlook.