Marvell Technology reported FY2027 second-quarter results ahead of market expectations, with data center continuing to drive growth and the company’s next-quarter outlook also landing above consensus, according to MSX Research Institute’s daily U.S. equity RWA note.
Revenue and adjusted EPS both beat consensus
MSX Research Institute said Marvell posted quarterly revenue of $2.739 billion, up 37% year over year and 13% quarter over quarter. The figure marked a record high and came in above the consensus estimate of $2.712 billion.
Adjusted earnings per share were $0.94, slightly above the $0.93 consensus forecast. GAAP diluted EPS for the same period was $0.33.
On margins, non-GAAP gross margin stood at 58.9%, while GAAP gross margin was 53.1%. MSX said the gap between the two measures mainly reflected stock-based compensation and acquisition-related amortization.
Data center rises to 79% of total revenue
By segment, data center revenue reached $2.171 billion, up 46% from a year earlier and 18% from the prior quarter. The business represented 79% of total revenue, compared with 76% in the previous quarter.
Communications and other revenue came in at $568 million, up 10% year over year but down 3% sequentially. Combined, the two segments matched total revenue of $2.739 billion.
MSX said the latest numbers showed the two lines moving in different directions: data center continued to expand, while communications and other business softened on a sequential basis.
Q3 outlook comes in above expectations
For FY2027 Q3, Marvell guided to revenue of $3.150 billion at the midpoint, ahead of the $3.030 billion consensus estimate. On that midpoint basis, revenue would rise another 15% sequentially.
The company also guided to adjusted EPS of $1.10 for the quarter, above the consensus expectation of $1.08.
Non-GAAP gross margin is expected in a range of 57.5% to 58.5%, with a midpoint of 58.0%. Marvell’s non-GAAP operating expense guidance was about $655 million, and diluted weighted average shares were projected at roughly 921 million.
MSX view on the quarter
MSX Research Institute said Marvell is shifting from a more balanced communications chip company toward one centered on AI data center interconnect. In its view, the stronger Q3 guidance was the key support for sentiment: the $3.150 billion revenue midpoint was about 4% above consensus, and the implied sequential growth rate rose from 13% in the reported quarter to 15%, pointing to longer order visibility rather than a narrowing outlook.
The institute also flagged margins as an area to watch. The midpoint of Marvell’s Q3 non-GAAP gross margin guidance, 58.0%, was below the 58.9% reported for Q2. MSX said a modest margin dip alongside faster revenue growth often points to a higher mix of customized ASIC products. That may support revenue scale, while leaving the quality of unit profitability worth monitoring.
About MSX
MSX describes itself as a leading RWA trading platform focused on secure, efficient and transparent access to global financial markets. The platform said it offers spot and derivatives trading for nearly 400 tokenized stocks and Pre-IPO assets, alongside services including U.S. equity spot and perpetual contracts, crypto trading, Pre-IPO products and research.
The note carried a risk reminder saying macroeconomic conditions and the U.S. stock market can be highly volatile, and that the material was for academic and research observation only and did not constitute investment advice.