Marvell Technology Inc

Q1 FY27 performance beat (record growth; guidance slightly exceeded) - Revenue: $2.418B, +9% sequential and +28% YoY (record). - Non-GAAP EPS: $0.80, above the guidance midpoint by $0.01. - Data center revenue: $1.8B, +11% sequential / +27% YoY; strong momentum across optical interconnect, custom silicon, switching.

Key upward guide: FY27 revenue sharply raised; demand accelerating - Q2 FY27 outlook: total company revenue ~$2.7B ±5% (+12% sequential, +35% YoY at midpoint). - Sequential growth path expectation upgraded: from prior “high-single-digit sequential” to double-digit sequential in Q2, and ≥10% sequential in Q3/Q4. - FY27 total revenue outlook now ~$11.5B, about +40% YoY (and +~$5B increase vs last quarter). - Data center FY27 outlook: ~+50% YoY (raised), driven by interconnect now expected >+70% YoY (vs prior ~50% expectation).

FY28 outlook: bigger revenue base + stronger data center (interconnect still outruns cloud CapEx) - FY28 revenue forecast: ~$16.5B (~+45% YoY), raised by ~$1.5B vs prior outlook. - FY28 data center growth expected: ~+55% YoY, accelerating from FY27. - Communications expected: low single-digit % growth in FY28 (broadly consistent with prior view). - Cloud CapEx growth rate assumed to moderate to ~30–30%+ (company expects Marvell to outgrow cloud CapEx via connectivity/interconnect share gains). - Opportunities emphasized for FY28: larger scale-up networking contribution, Ethernet switching ramp, and custom business acceleration.