- Marvell reported record Q2 revenue of $2.739 billion, raised its FY27 outlook to about $12 billion and its FY28 outlook to $18 billion, but the results only met elevated investor expectations.
- CEO Matt Murphy said the Google warrant agreement was already reflected in Marvell’s custom-revenue target through FY28, with the significant financial impact deferred to FY29 when the custom-chip business targets $10 billion to $11 billion in revenue.
- Investors focused on the delayed and milestone-dependent payoff from the Google partnership, while management deferred detailed long-term financial guidance and transaction structure to its October 6 event.
Quotes
“already reflected in the overall custom revenue target”