Marvell Technology — May 27, 2026 release

Marvell’s financial results include the results of Celestial and XConn for the period from the dates of acquisition through the first quarter of fiscal 2027. “Marvell delivered record first-quarter fiscal 2027 revenue of $2.418 billion, up 28% year-over-year, and guided second-quarter revenue to $2.7 billion at the mid-point, representing 35% year-over-year growth. We expect revenue growth to continue accelerating each quarter throughout fiscal 2027, driven by continued strength in our data center business,” said Matt Murphy, Marvell’s Chairman and CEO. “We are seeing exceptional AI-related bookings, and as a result, we are significantly raising Marvell’s revenue outlook for both fiscal 2027 and fiscal 2028 compared with the guidance we provided last quarter. This improved outlook is being driven by strong demand across a broad set of Marvell solutions, including 800G and 1.6T scale-out optics, 51.2T Ethernet scale-out switches, scale-up optical solutions for NPO and CPO applications, scale-across datacenter interconnect modules, and custom XPU and XPU-attach solutions.” Second Quarter of Fiscal 2027 Financial Outlook • Net revenue is expected to be $2.700 billion +/- 5%. • GAAP gross margin is expected to be 52.1% to 53.1%. • Non-GAAP gross margin is expected to be 58.25% to 59.25%. • GAAP operating expenses are expected to be approximately $960 million. • Non-GAAP operating expenses are expected to be approximately $600 million. • Basic weighted-average shares outstanding are expected to be 899 million. • Diluted weighted-average shares o