Marvell Technology reported record first-quarter fiscal 2027 revenue of $2.418 billion, up 28% from a year earlier and above the midpoint of its guidance. The semiconductor company said GAAP net income was $34.5 million, or $0.04 per diluted share, while non-GAAP net income was $718.0 million, or $0.80 per diluted share. Gross margin came in at 52.1% on a GAAP basis and 58.9% on a non-GAAP basis. Cash flow from operations reached a record $638.8 million.
The results reflect Marvell’s growing exposure to artificial intelligence and data center infrastructure. Chief Executive Officer Matt Murphy said demand remained exceptionally strong across a broad set of products tied to AI and data center expansion, including 800G and 1.6T optics, 51.2T Ethernet switches, optical solutions for scale-up applications, data center interconnect modules, and custom XPU and XPU-attach products. He said revenue growth is expected to accelerate through fiscal 2027, driven mainly by the data center business.
Marvell also completed two acquisitions during the quarter, buying Celestial AI on February 2, 2026 and XConn Technologies Holdings on February 10, 2026. The company said the financial results include both businesses from their respective acquisition dates. On the balance sheet, Marvell ended the quarter with $3.84 billion in cash and cash equivalents, up from $2.64 billion in the prior quarter, and total assets of $26.94 billion.
Revenue in the data center segment was $1.833 billion, up 27% year over year and 11% sequentially. Communications and other revenue was $585.1 million, up 29% from a year earlier. Data center accounted for 76% of total revenue, underscoring its central role in Marvell’s business mix.
The company’s operating results were affected by acquisition-related accounting items, stock-based compensation, intangible asset amortization, restructuring charges and a large change in the fair value of contingent consideration liabilities. These items are excluded from Marvell’s non-GAAP measures. GAAP operating income was $339.4 million, while non-GAAP operating income was $846.9 million.
For the second quarter of fiscal 2027, Marvell guided revenue to $2.7 billion, plus or minus 5%. It projected GAAP diluted earnings per share of $0.37, plus or minus $0.05, and non-GAAP diluted earnings per share of $0.93, plus or minus $0.05. The company also forecast GAAP gross margin of 52.1% to 53.1% and non-GAAP gross margin of 58.25% to 59.25%.
Marvell said its updated outlook is significantly higher than previous guidance, reflecting stronger AI-related bookings and continued demand across its data center portfolio.
