Marvell Posts Record $2.42 Billion Q1 Revenue as AI Data Center Demand Lifts Outlook
Updated
Updated · Barchart · Jul 12
Marvell Posts Record $2.42 Billion Q1 Revenue as AI Data Center Demand Lifts Outlook
2 articles · Updated · Barchart · Jul 12
Summary
$2.42 billion in fiscal Q1 revenue and $0.80 non-GAAP EPS both topped consensus, with Marvell saying data center demand drove the record quarter.
76% of quarterly revenue came from data centers, while record operating cash flow reached $638.8 million as AI infrastructure spending kept rising.
About $2.7 billion in Q2 revenue would mark 35% year-over-year growth, and management said Q3 could hit $3 billion earlier than previously expected.
Five million coherent photonic integrated circuits shipped by Tower Semiconductor bolster Marvell’s optical networking ecosystem, a key piece of its AI connectivity thesis.
Analysts raised targets as high as $385 after the results, even as Marvell trades at rich multiples including roughly 131 times forward GAAP earnings.