MRVL First Take: Results broadly in line with estimates, with growth largely driven by Data Center.
Adj. GPM at 58.5%, down 50bps QoQ, reflecting a mix shift toward lower-margin custom ASIC.
The company revised segment reporting this quarter, consolidating from five buckets to two (Data Center; Comm. & Other), underscoring Data Center's importance.
Data Center drove growth, up 8.8% QoQ. Dolphin Research estimates AI revenue at approx. $960 mn this quarter.
Beyond the print, guidance was 'quite good'.
MRVL guides next-quarter revenue to $2.4 bn (+8% QoQ), ahead of the Street's $2.27 bn, driven by optical module chips and custom ASIC.
Mgmt again lifted the LT outlook: FY2027 revenue to $11 bn (prev. $10 bn), +34% YoY; FY2028 to $15 bn, ~+40%, a further step-up.
Shares had lagged on worries that its ASIC biz could face intensified competition from Taiwan vendors, weighing on growth.
Guidance implies ASIC growth of just over 20% YoY, while interconnect products (optical module chips) should post strong momentum, underpinning faster top-line growth.
For more, follow Dolphin Research's upcoming notes and Trans. $Marvell Tech(MRVL.US) $GraniteShares 2x Long MRVL Daily ETF(MVLL.US)
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