Q1 2026 Marvell Technology Inc Earnings Call Transcript
Key Points
- Marvell Technology Inc (MRVL) delivered record revenue of $1.895 billion for the first quarter of fiscal 2026, reflecting a 4% sequential increase and a strong 63% year-over-year growth.
- The data center end market achieved record revenue of $1.44 billion, growing 5% sequentially and 76% year-over-year, driven by robust AI demand.
- Marvell significantly increased stock repurchases in the first quarter, buying back $340 million, up from $200 million in the prior quarter.
- The company announced the sale of its automotive Ethernet business to Infineon for $2.5 billion, providing additional flexibility in capital allocation strategy.
- Marvell is forecasting second-quarter revenue of $2 billion at the midpoint of guidance, representing 57% year-over-year growth and setting another record revenue level.
- The consumer end market saw a 29% sequential decline in revenue, primarily driven by seasonality and gaming demand.
- The automotive and industrial end market experienced a 12% sequential decline in revenue, with industrial order patterns being lumpy.
- GAAP operating expenses were $682 million, including stock-based compensation and other costs, impacting overall profitability.
- Non-GAAP gross margin was 59.8%, slightly below expectations, partly due to the lower-margin custom silicon business.
- There are ongoing macroeconomic uncertainties that could impact future growth, requiring close monitoring of the broader environment.
Good afternoon, and welcome to Marvell Technology Inc. first quarter of fiscal year 2026 earnings conference call. (Operator Instructions). Please note that this event is being recorded. I would now like to turn the conference over to Mr. Ashish Saran, Senior Vice President of Investor Relations. Please go ahead.
Thank you, and good afternoon, everyone. Welcome to Marvell's first quarter fiscal year 2026 earnings call. Joining me today are Matt Murphy, Marvell's Chairman and CEO; and Willem Meintjes, our CFO. Let me remind you that certain comments made today include forward-looking statements, which are subject to significant risks and uncertainties that could cause our actual results to differ materially from management's current expectations.
Please review the cautionary statements and risk factors contained in our earnings press release, which we filed with the SEC today and posted on our website as well as our most recent 10-K and 10-Q filings. We do not intend to
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