---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/41186845.md"
description: "MRVL 1QFY27 First Take The print was broadly in line with expectations, with growth largely driven by Data Center interconnect products. Adjusted GPM was 58.9%, down 10bps QoQ after excluding amortization and related items. Last quarter, the company regrouped reporting into two segments (Data Center; Communications & Other). Data Center was the key growth driver this quarter, up 11% QoQ, with ASIC softer and strength coming from optical interconnect demand. MRVL guides next-quarter revenue to $2.7bn (+11% QoQ), ahead of the Street at $2.61bn. With a full-year outlook now provided, the next-quarter guide carries less weight. Management again raised the annual outlook, now expecting FY27 revenue of $11.5bn (prior $11.0bn), up 40% YoY. It also lifted the FY28 revenue guide to $16.5bn (prior $15.0bn), implying 43% growth. The higher annual guide is driven mainly by stronger-than-expected interconnect. Management now expects interconnect to grow over 70% in FY27 (vs. prior 50%+). The recent rally reflects a major shift in the narrative. Earlier concerns centered on Trainium share loss, the 1.6T DSP ramp, and competition from Broadcom (AVGO). In an optical supercycle, even if custom ASICs are softer, interconnect products such as DSPs can still deliver strong and more predictable growth. As AI moves into the inference phase, the stack is increasingly framed as 'storage + XPU + connectivity'. MRVL has leading opto-electronic connectivity and has enhanced its AI networking via acquisitions, while Street expectations had already moved higher; the new $11.5bn/$16.5bn FY27/FY28 guides are broadly in line with that. Overall, beyond the visible, high-confidence growth in interconnect, ASIC, CXL memory expansion/pooling (Structera), and rack-scale solutions add further optionality. However, the latest annual outlook offered few surprises.Within a 'high-growth' narrative, management delivered a guide that met the market’s bar. For more details, follow Dolphin Research’s subsequent commentary and Trans. $Marvell Tech(MRVL.US)"
datetime: "2026-05-28T00:04:04.000Z"
locales:
  - [en](https://longbridge.com/en/topics/41186845.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/41186845.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/41186845.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# MRVL 1QFY27 First Take The print was broadly in li…


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