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Marvell projects strong fiscal 2028 revenue on AI-driven data center boom, shares jump
March 5 (Reuters) – Marvell Technology (MRVL) forecast fiscal 2028 revenue above Wall Street estimates on Thursday, signaling robust demand for custom chips and interconnect solutions used in artificial intelligence data centers, sending its shares surging 11% in premarket trading on Friday.
Growing adoption of AI tools has boosted demand for specialized chips such as Marvell's custom application-specific integrated circuits used in advanced data centers, as well as its interconnect technologies that enable high-speed data transfer between processors, memory and servers.
Big Tech firms including Alphabet (GOOG, GOOGL), Microsoft (MSFT), Amazon (AMZN) and Meta (META) are expected to spend at least $630 billion to build AI infrastructure this year, lifting demand for chips used in servers and networking equipment from companies such as Marvell.
Marvell Technology, Inc. Reports Fourth Quarter and Fiscal Year 2026 Financial Results
SANTA CLARA, Calif.–(BUSINESS WIRE)–
Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the fourth fiscal quarter and fiscal year ended January 31, 2026.
Net revenue for the fourth quarter of fiscal 2026 was $2.219 billion, $19.0 million above the mid-point of the Company’s guidance provided on December 2, 2025. GAAP net income for the fourth quarter of fiscal 2026 was $396.1 million, or $0.46 per diluted share. Non-GAAP net income for the fourth quarter of fiscal 2026 was $685.1 million, or $0.80 per diluted share. Cash flow from operations for the fourth quarter was $373.7 million.
Net revenue for fiscal 2026 was $8.195 billion, a new record. GAAP net income for fiscal 2026 was $2.670 billion, or $3.07 per diluted share. Non-GAAP net income for fiscal 2026 was $2.466 billion, or $2.84 per diluted share.
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