Review|MRVL FY1Q27: Long term outlook remains strong; FY28 DC guidance appears conservative

Marvell delivered relatively in-line earnings, supported by the strength of its AI interconnect business. While FY27 and FY28 outlooks were raised, our growth assumptions remain ahead of management’s guidance. In particular, we see upside in the interconnect business in FY27 and in the XPU attach business in FY28.

Earnings review

F1Q27 revenue of $2.418b came in $18m above the guided midpoint and on consensus ($2.40b), but below buyside expectations of ~$2.47b. Non-GAAP EPS of $0.80 matched consensus and missed the buyside mean of ~$0.83.

The F2Q27 guide of $2.70b / $0.93 EPS was 4% above street on revenue and 4% above on EPS, meeting buyside expectations.

The headline raises were:

• FY27 to ~$11.5b, FY28 to ~$16.5b.