Marvell Technology Group Ltd. (NASDAQ:MRVL) reported first-quarter fiscal 2027 revenue of $2.42 billion, topping analyst estimates of $2.4 billion and rising 28% year over year, as the chipmaker cited exceptional AI-related bookings and raised its revenue outlook for both fiscal 2027 and fiscal 2028.
Adjusted earnings per share came in at $0.80, ahead of the $0.79 consensus estimate. Operating cash flow reached a record $638.8 million during the quarter.
For the second quarter, Marvell guided revenue of approximately $2.7 billion, above the $2.6 billion analyst estimate and representing 35% year-over-year growth. The company projected adjusted EPS of $0.88 to $0.98, bracketing the $0.90 consensus.
CEO Matt Murphy said the company was significantly raising its revenue outlook on the back of broad-based demand. "We are seeing exceptional AI-related bookings, and as a result, we are significantly raising Marvell's revenue outlook for both fiscal 2027 and fiscal 2028 compared with the guidance we provided last quarter," Murphy said. "This improved outlook is being driven by strong demand across a broad set of Marvell solutions."
AI demand drivers cited by the company included 800G and 1.6T scale-out optics, 51.2T Ethernet scale-out switches, NPO and CPO scale-up optical solutions, datacenter interconnect modules, and custom XPU and XPU-attach solutions.
Marvell shares rose 3.6% in after-hours trading on Wednesday.