Marvell Technology reported record second-quarter fiscal 2027 revenue of $2.739 billion, up 37% year-over-year, beating Wall Street expectations and prompting the semiconductor company to raise its full-year outlook for both fiscal 2027 and fiscal 2028 amid accelerating artificial intelligence demand.
The Santa Clara-based chipmaker exceeded guidance by $39 million above the midpoint of its May forecast, driven by robust demand across its data center portfolio. Data center revenue in the quarter reached $1.5 billion, representing a 46% year-over-year acceleration—the fastest growth rate the company has achieved in that critical segment.
Non-GAAP diluted earnings per share came in at $0.94 for the quarter, surpassing analyst consensus expectations. On a GAAP basis, the company reported $0.33 per diluted share, with net income of $308 million.
CEO Matt Murphy attributed the strong results to “continued strong demand across our Data Center portfolio” and noted that “AI-related bookings remain exceptionally robust.” He added that the company expects “revenue growth to accelerate further through the remainder of fiscal 2027,” signaling confidence in sustained momentum.
The company guided third-quarter fiscal 2027 revenue to $3.150 billion plus or minus 5%, which would represent further acceleration from the second quarter and signal confidence in the strength of customer demand heading into the second half of the year.
Raising Long-Term Targets on AI Strength
Marvell significantly raised its full-year revenue outlook for both fiscal 2027 and fiscal 2028 compared with guidance issued in May 2026. This marks the second consecutive quarter in which the company has boosted its forward guidance, reflecting the sustained strength in AI infrastructure spending across hyperscale cloud providers and data center operators.
The company previously guided fiscal 2027 revenue to approximately $11.5 billion in May, representing roughly 40% year-over-year growth. In March 2026, Marvell had projected fiscal 2028 revenue approaching $15 billion, but raised that target to $16.5 billion in May—a $1.5 billion increase signaling accelerating demand for AI-related silicon and interconnect products.
Connectivity revenue also showed particular strength, with the company noting broad-based demand in that division. Murphy highlighted that the Custom business—which designs application-specific chips for major customers—is expected to see “significant acceleration” beginning in the second half of fiscal 2027, driven by a “flagship XPU program” and expanding demand for custom AI chips.
Marvell’s results reflect broader strength in the semiconductor industry, which is experiencing historic growth driven by AI infrastructure investment. Global semiconductor revenue is forecast to reach $1.6 trillion in 2026, according to Gartner, growing 92% from 2025 levels as companies worldwide invest heavily in AI data centers and computing infrastructure.
The company will host an Investor Day on October 6, 2026, where management plans to share “Marvell’s long-term strategy for enabling the continued expansion of AI infrastructure,” suggesting the company sees sustained tailwinds for years to come.
Sources
- Marvell Investor Relations — Q2 fiscal 2027 earnings report, revenue, guidance, and CEO commentary
- Gartner — 2026 global semiconductor revenue forecast and growth outlook
