Marvell Technology Raises FY2028 Revenue Outlook to $20 Billion, Driving Stock Up
On October 6, Marvell Technology (NASDAQ: MRVL) announced an updated revenue outlook during its investor day event. The company raised its fiscal year 2028 revenue target from $18 billion to $20 billion and set a long-term goal of achieving between $70 billion and $90 billion in sales by FY2031, along with an earnings per share (EPS) target exceeding $30. This guidance exceeded Wall Street expectations and contributed to Marvell's stock rising 5.81% for the day. The strong performance reflects growing demand for custom AI chips and networking equipment used in data centers. Investors are viewing this as a positive signal for continued growth within the artificial intelligence infrastructure sector, especially with support from strategic partnerships like Nvidia’s $2 billion investment earlier this year. Trading volume surged to 50.1 million shares, significantly above its three-month average. The broader market also saw gains on October 6, with both the S&P 500 and Nasdaq Composite rising by approximately half a percent each.
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Topics: AI chips data centers investor day guidance Marvell Technology revenue targets