Released

FY2027 Q1

Earnings Review

MRVL

BEAT

Marvell Technology

Marvell Technology · Semiconductors (AI Networking)

Wed, May 27, 2026·After Market Close

MarvellCustom ASICAI NetworkingSemiconductorsEarnings

01Wall Street Consensus

EPS$0.80

Revenue$2.40B

02Earnings Results

EPS$0.83+3.8%

Revenue$2.42B+0.8%

After-Hours ReactionAH -3%

Key Takeaways

Non-GAAP EPS $0.83 — vs consensus $0.80, +3.8%
Revenue $2.42B — vs consensus $2.40B, +0.8%, **record quarter**
**Data center revenue mix 70%+** — custom AI ASIC and electro-optics growing in tandem
**Custom AI ASIC** — Amazon Trainium / Google TPU shipments holding +60%+ YoY pace
**Electro-optics (PAM4 DSP)** — 800G/1.6T transceiver demand drove revenue +50%+ YoY
FY27 AI outlook raised — 1.6T PAM4 DSP leadership and Amazon/Microsoft custom silicon program expansion as drivers
Q2 FY27 revenue guide above consensus

Key Checkpoints

01Custom AI ASIC revenue — Amazon Trainium/Microsoft Maia design wins
02Data Center revenue mix — AI vs non-AI split and growth rates
03Electro-optics (PAM4 DSP, coherent DSP) revenue from 800G/1.6T transition
04Enterprise networking recovery — post-inventory correction rebound
05Custom silicon pipeline — number of active ASIC programs
06Gross margin trajectory — 65%+ target from AI mix improvement

Upside Catalysts

Amazon Trainium3 custom chip program — Marvell as design partner for next-gen
Microsoft Maia custom AI chip — diversifying beyond Broadcom
800G to 1.6T optical transition driving electro-optics revenue acceleration
Custom ASIC TAM expanding to $25B+ by 2027 — room for multiple winners
5G infrastructure recovery in 2026-2027 — carrier spending resumption

Risk Factors

Broadcom dominance in custom ASICs — Marvell is the smaller challenger
Enterprise networking recovery slower than expected weighing on overall growth
Google TurboQuant — if Google designs more in-house, it reduces potential Marvell TAM
Customer concentration in custom ASIC — dependent on 2-3 large hyperscaler programs
Iran conflict macro headwinds on enterprise IT spending

Detail

SEPS 서프라이즈 히스토리

Beat1Miss0Beat률 100%

분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출

컨센서스 대비 실제 EPS/매출 서프라이즈 (%)

Comments

Earnings

02Earnings Results

EPS$0.83+3.8%

Revenue$2.42B+0.8%

After-Hours ReactionAH -3%

Key Takeaways

Non-GAAP EPS $0.83 — vs consensus $0.80, +3.8%
Revenue $2.42B — vs consensus $2.40B, +0.8%, **record quarter**
**Data center revenue mix 70%+** — custom AI ASIC and electro-optics growing in tandem
**Custom AI ASIC** — Amazon Trainium / Google TPU shipments holding +60%+ YoY pace
**Electro-optics (PAM4 DSP)** — 800G/1.6T transceiver demand drove revenue +50%+ YoY
FY27 AI outlook raised — 1.6T PAM4 DSP leadership and Amazon/Microsoft custom silicon program expansion as drivers
Q2 FY27 revenue guide above consensus

Key Checkpoints

01Custom AI ASIC revenue — Amazon Trainium/Microsoft Maia design wins

02Data Center revenue mix — AI vs non-AI split and growth rates

03Electro-optics (PAM4 DSP, coherent DSP) revenue from 800G/1.6T transition

04Enterprise networking recovery — post-inventory correction rebound

05Custom silicon pipeline — number of active ASIC programs

06Gross margin trajectory — 65%+ target from AI mix improvement

Upside Catalysts

Amazon Trainium3 custom chip program — Marvell as design partner for next-gen

Microsoft Maia custom AI chip — diversifying beyond Broadcom

800G to 1.6T optical transition driving electro-optics revenue acceleration

Custom ASIC TAM expanding to $25B+ by 2027 — room for multiple winners

5G infrastructure recovery in 2026-2027 — carrier spending resumption

Risk Factors

Broadcom dominance in custom ASICs — Marvell is the smaller challenger

Enterprise networking recovery slower than expected weighing on overall growth

Google TurboQuant — if Google designs more in-house, it reduces potential Marvell TAM

Customer concentration in custom ASIC — dependent on 2-3 large hyperscaler programs

Iran conflict macro headwinds on enterprise IT spending