Q1 2027 Marvell Technology Inc Earnings Call Transcript
Key Points
- Marvell Technology Inc (MRVL) delivered record revenue of $2.418 billion for the first quarter of fiscal 2027, reflecting 9% sequential and 28% year-over-year growth.
- The company expects total revenue to grow 12% sequentially and 35% year over year in the second quarter, with a projection of reaching $3 billion in quarterly revenue by Q3, one quarter ahead of prior expectations.
- Marvell's data center business is a significant growth driver, expected to grow approximately 50% in fiscal 2027, with the interconnect business projected to grow more than 70% year over year.
- The expanded partnership with NVIDIA is expected to create new market opportunities, leveraging Marvell's custom silicon and optical networking capabilities.
- Marvell's acquisition of Polariton and Celestial AI enhances its technology platform, positioning the company to lead in high-speed, low-power silicon photonics and scale-up optics markets.
- GAAP earnings per diluted share were $0.04 lower than guidance due to purchase accounting impacts from recent acquisitions.
- The communications and other end markets are expected to decline in the mid-single-digit range sequentially in the second quarter.
- Marvell's GAAP operating expenses are projected to increase to approximately $960 million in the second quarter.
- The company is facing capacity constraints in AI-related products, necessitating $1 billion in prepayments to secure future supply.
- Despite strong growth projections, the company acknowledges potential risks and uncertainties that could impact future performance.
Good afternoon, and welcome to Marvell Technologies first quarter fiscal year 2027 earnings conference call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Mr. Ashis Saran, Senior Vice President of Investor Relations. Thank you. You may begin.
Thank you, and good afternoon, everyone. Welcome to Marvell's first fiscal quarter 2027 earnings call. Joining me today are Matt Murphy, Marvell's Chairman and CEO; Willem Meintjes, CFO; Chris Koopmans, President and COO; and Sandeep Bharathi, President Data Center Group.
Let me remind everyone that certain comments may 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
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