Marvell Technology Inc.‘s MRVL data center revenue tripled over the last two years, hitting a record in the first quarter of the current fiscal year. The company’s management expects the momentum to continue going ahead.
What Happened: During the first quarter, the company posted a record data center revenue of $1.44 billion, which was up 5% sequentially and 76% year-over-year.
“Looking ahead to the second quarter, we expect this momentum to continue with data center revenue projected to grow sequentially in the mid-single-digit range on a percentage basis, while maintaining strong year-over-year growth,” said the chairman and CEO, Matt Murphy, during the earnings call.
Murphy explained that the surge in data center revenue was led by the shipment of its custom silicon and electro-optics products.
“These strong results along with our second quarter guidance are being driven by the rapid scaling of our custom AI silicon programs to high volume production, along with robust shipments of our electro-optics products for AI and cloud applications,” he added.
Marvell’s data center revenue has tripled since 2023, as per the data highlighted by the AI-driven fundamental research platform, FinChat.
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Why It Matters: Marvell’s first quarter revenue stood at $1.9 billion, beating the consensus estimate of $1.88 billion. The company also posted better-than-expected earnings of 62 cents per share, above the street estimate of 61 cents.
Marvell sees second-quarter net revenue of $2 billion, plus or minus 5%, and non-GAAP EPS of 67 cents, plus or minus five cents.
However, the shares of the company fell despite good earnings; it ended 1.33% lower on Thursday and slipped 3.28% in after-hours. The stock was down 43.88% in 2025 and 17.07% over the whole year.
Benzinga Edge Stock Rankings shows that MRVL had a stronger price trend over the short term but a weaker trend over the medium and long term. Its momentum ranking was poor, and its value ranking was also weak at the 16.38th percentile. The details of other metrics are available here.
The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, rose on Thursday. The SPY was up 0.39% to $590.05, while the QQQ advanced 0.20% to $519.93, according to Benzinga Pro data.
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