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Marvell Technology has posted record revenue for the first quarter of fiscal 2027, driven by strong demand for AI infrastructure and data center networking technologies.

The company reported quarterly revenue of $2.418 billion, up 28% year-on-year and above its earlier guidance. Non-GAAP net income reached $718 million, or $0.80 per diluted share, while operating cash flow hit a record $638.8 million.

For eeNews Europe readers, the results provide another indication of how AI infrastructure spending continues to reshape the semiconductor sector, particularly in high-speed networking, optics and custom accelerator technologies. The figures also highlight growing demand for advanced interconnect and switching solutions that are becoming critical in hyperscale AI deployments.

AI infrastructure drives growth

Marvell said growth was led by its data center business, where AI-related demand continues to accelerate. The company expects this trend to continue through fiscal 2027, forecasting second-quarter revenue of around $2.7 billion, which would represent 35% year-on-year growth.

“Marvell delivered record first-quarter fiscal 2027 revenue of $2.418 billion, up 28% year-over-year, and guided second-quarter revenue to $2.7 billion at the mid-point, representing 35% year-over-year growth. We expect revenue growth to continue accelerating each quarter throughout fiscal 2027, driven by continued strength in our data center business,” said Matt Murphy, Marvell’s Chairman and CEO.

Murphy also pointed to “exceptional AI-related bookings” and said the company was significantly increasing its revenue outlook for both fiscal 2027 and fiscal 2028.

According to Marvell, demand is being driven across several product areas, including 800G and 1.6T optical interconnects, 51.2T Ethernet switches, co-packaged optics (CPO), networked optical (NPO) technologies and custom XPU platforms.

Acquisitions strengthen portfolio

The quarter also included the first contributions from newly acquired companies Celestial AI and XConn Technologies, which Marvell acquired in February 2026.

The acquisitions are expected to strengthen Marvell’s position in AI scale-up and scale-out infrastructure, where bandwidth and power efficiency are becoming major differentiators for hyperscale operators and cloud providers.

On a GAAP basis, Marvell reported net income of $34.5 million, or $0.04 per diluted share, with a GAAP gross margin of 52.1%. Non-GAAP gross margin reached 58.9%.

Like many semiconductor companies, Marvell continues to emphasize non-GAAP reporting metrics that exclude acquisition-related costs, stock compensation expenses and amortization of acquired intangible assets. The company said these measures provide investors with a clearer view of operational performance.

The latest results underline how AI infrastructure spending remains a key growth engine across the semiconductor industry, particularly for suppliers of high-speed connectivity and custom compute technologies.

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