Semiconductor firm Marvell Technology lifts full-year revenue forecast following strong demand for AI and data center chips.
Marvell Technology reported fiscal first-quarter revenue of $2.42 billion, up 28% year over year, driven by demand for custom AI chips and optical data center components. Adjusted earnings per share rose 29% to $0.80 from $0.62 a year earlier, exceeding guidance midpoints.
Data center revenue climbed 27% to $1.83 billion, while communication segment revenue increased 29% to $585 million. The company now expects fiscal Q2 revenue of $2.7 billion, a 35% year-over-year increase, with adjusted EPS of $0.93, up from $0.67 last year.
Marvell significantly raised its full-year revenue forecast, citing continued strength in AI and data center markets. Shares have surged 141% year to date amid robust sector performance.