실적분석 2026년 8월 27일

Marvell Technology ($MRVL) Fiscal 2027 Q2 Earnings Analysis — Revenue and EPS Beat, Full-Year Outlook Raised, Yet Shares Slip After Hours

Earnings Scorecard

Revenue: $2.739 billion (+37% YoY, consensus $2.705 billion) ✅ Beat

EPS (Earnings Per Share): Adjusted $0.94 (consensus $0.93) ✅ Beat

Guidance: Raised — next-quarter revenue $3.150 billion (±5%), adjusted EPS $1.10 (±$0.05). Fiscal 2027 and 2028 revenue outlooks also raised vs. prior guide

Stock reaction: After hours -3.06% ($234.07) — as of 06:00 KST on Aug 28

Positives

Data center acceleration: Revenue $2.172 billion, +46% YoY

Full-year outlook raised: Fiscal 2027 and 2028 revenue outlooks lifted versus prior guide

Next-quarter guidance: Revenue midpoint $3.150 billion, adjusted EPS $1.10

The company said its artificial intelligence (AI)-related order book remains solid and that custom silicon will meaningfully accelerate starting in the second half of the fiscal year. An investor day is slated for October 6, where management will unveil growth drivers and long-term strategy.

Negatives

Margin bar lower: Next-quarter adjusted gross margin guide of 57.5%–58.5% sits below the just-reported quarter's 58.9%

Modest beat size: Both revenue and adjusted EPS only narrowly topped consensus

Telecom & other softness: That segment's revenue declined 3% QoQ

The view on the Street is that, with the stock's year-to-date rally already substantial, the print alone is not enough to extend the momentum. How gross margin lands within the guided range is the next focal point.

What Management Said

Chair and CEO Matt Murphy emphasized that data center demand powered the results and that revenue growth should accelerate further in the remaining quarters of the fiscal year. The market read the higher full-year revenue outlook as a positive, but weighed it against a next-quarter margin guide that appears to step down from the prior quarter.

Market Reaction and What to Watch Next

The print and full-year outlook were solid, but the next-quarter adjusted gross margin guide landing below the just-reported quarter, combined with expectations already priced into this year's share-price move, appears to have fueled selling pressure.

Where the next-quarter actual adjusted gross margin lands within the guided range

Whether second-half custom silicon revenue acceleration shows up in the numbers

The medium- to long-term revenue and margin roadmap to be unveiled at the October 6 investor day