Marvell Exceeds Q2 Earnings Estimates with Strong Data Center Revenue Growth
Marvell Technology (NASDAQ:MRVL) reported second-quarter revenue of $2.7 billion, a 37% increase year-over-year and slightly above analyst estimates of $2.71 billion. The company's data center segment saw the most significant growth, rising by 46% to reach $2.2 billion in revenue. Adjusted earnings per share came in at $0.94, surpassing expectations of $0.92. Marvell also provided strong guidance for Q3, forecasting revenue between $3.1 billion and $3.2 billion—well above the expected $3.03 billion—and adjusted EPS of around $1.10 versus an estimate of $1.07. The company's gross margins showed mixed results: non-GAAP dropped slightly to 58.9%, while GAAP improved significantly by 270 basis points. The communications and other segment also saw a modest increase in revenue, up 10% year-over-year to $567.8 million.
Tickers: $MRVL