Marvell Technology raises fiscal 2027 and 2028 revenue outlook, with first-quarter revenue of $2.418 billion and data center segment driving growth

Marvell reported first-quarter revenue of $2.418 billion, up 9% sequentially and 28% year over year, with non-GAAP earnings per share of $0.80. The company raised its fiscal 2027 revenue outlook to nearly $11.5 billion (approximately 40% year-over-year growth) and fiscal 2028 outlook to approximately $16.5 billion (roughly 45% year-over-year growth).

Data center was Marvell's largest end market, contributing 76% of total first-quarter revenue, with data center revenue reaching a record $1.83 billion, up 11% sequentially and 27% year over year. Key growth areas include interconnect (expected to grow more than 70% year over year in fiscal 2027), DCI modules (line of sight to $1 billion annualized revenue run rate during fiscal 2028, compared with roughly $500 million in fiscal 2026), and custom silicon (expected to more than double in fiscal 2028).

Marvell expanded its partnership with NVIDIA, connecting Marvell's custom silicon and optical networking capabilities into NVIDIA's ecosystem across three pillars: optics (silicon photonics collaboration), NVLink Fusion integration (custom chips and networking semiconductors interfacing with NVIDIA infrastructure), and AI RAN (enhancing OCTEON base station processors to work with NVIDIA GPUs).

Marvell acquired Polariton (high-speed silicon photonics developer), Celestial AI (photonic fabric technology selected by a tier 1 hyperscaler for next-generation XPU scale-up networks), and XConn (PCIe and CXL switch solutions for scale-up switching).