Marvell's Record Revenue Fueled by Data Center Demand and Google Momentum

Marvell Technology posted Q2 FY2027 revenue of $2.739B, up 37% year over year, with Data Center delivering a record $2.17B (79% of total) and non-GAAP gross margin at 58.9%; non-GAAP EPS was $0.94 and GAAP EPS $0.33. cash flow from operations was $606M, plus $200M in buybacks and $54M in dividends. Management raised guidance to about $12B for FY2027 and ~ $18B for FY2028, driven by Data Center strength, a broad Google XPU attach program, and accelerating scale-up optics and CXL. Q3 guidance targets revenue around $3.15B (+/-5%), gross margin 57.5-58.5%, and non-GAAP EPS of $1.05-$1.15. Near-term headwinds include mix-driven gross-margin pressure, lumpiness in Communications and Other, and potential execution risk as CFO/IR leadership transitions occur, even as Custom and other growth remain robust.