Marvell Technology posts record Q2 revenue of $2.74B as AI demand drives 37% growth

Marvell Technology just turned in a quarter that makes the AI semiconductor boom look less like a trend and more like a structural shift. The company reported fiscal Q2 2027 revenue of $2.739 billion, a 37% jump from $2.006 billion a year earlier. Non-GAAP earnings per share came in at $0.94, up from $0.67 in the same period last year. The results landed slightly above the midpoint of Marvell’s own guidance range. Data centers are running the show The story within the story is Marvell’s data center segment, which posted $2.17 billion in revenue. That’s a 46% increase year-over-year and represents roughly 79% of the company’s entire top line. CEO Matt Murphy pointed to strong AI-related bookings as the primary catalyst, specifically calling out demand for optical interconnects, Ethernet switches, and custom XPU products. Operating cash flow hit $605.5 million for the quarter. Next quarter’s guidance tells the real story If Q2 was strong, Marvell’s outlook for Q3 is downright bullish. The company guided for revenue of approximately $3.15 billion, plus or minus 5%. Non-GAAP EPS guidance came in at $1.10, plus or minus $0.05. Marvell has also raised its revenue outlook for both fiscal ...