Marvell Technology Inc (NASDAQ:MRVL)'s second-quarter revenue rose 37% year-over-year to $2.7 billion, topping analyst estimates of $2.71 billion, as demand for its data center chips continued to accelerate.
Adjusted earnings per share came in at $0.94, up 40% from a year earlier and ahead of the $0.92 consensus estimate. Net income reached $865.9 million, above the $852 million analysts had forecast.
Data center revenue, the company's largest segment, climbed 46% year-over-year to $2.2 billion. The communications and other segment posted revenue of $567.8 million, up 10% from a year earlier.
Non-GAAP gross margin for the quarter was 58.9%, down 50 basis points from a year ago. GAAP gross margin rose 270 basis points to 53.1%.
For the third quarter, Marvell guided revenue of $3.15 billion, plus or minus 5%, well above the $3.03 billion analysts had expected. The company forecast adjusted earnings per share of $1.10, plus or minus $0.05, versus a $1.07 estimate.
Marvell expects third-quarter GAAP gross margin of 52.9% to 53.9% and non-GAAP gross margin of 57.5% to 58.5%. The company projected GAAP operating expenses of roughly $1.02 billion and non-GAAP operating expenses of about $655 million.