Marvell, a leading IC design firm, delivered a blockbuster Q2: **revenue jumped 58% YoY (6% QoQ) to a record $2.0061B**. Adjusted Non-GAAP diluted EPS reached $0.67—far exceeding the $0.30 YoY—though Non-GAAP gross margin dipped slightly to 59.4% (vs. 61.9% YoY).
In Q2, Marvell’s data center revenue rose 3% YoY to $1.49B. While slightly below analysts’ $1.51B estimate (per LSEG), it underscored its strong position in the data center segment.
Looking to Q3, Marvell forecasts revenue of $2.06B (±5%) and stable Non-GAAP gross margin between 59.5% and 60.0%.
Marvell CEO Matt Murphy noted the custom chip business performed exceptionally well, with H2 (current fiscal year) operations expected to outpace H1. However, he added custom chip growth will be uneven—Q4 momentum is projected to be significantly stronger than Q3.
Murphy further stated robust demand from AI clients for custom chips and electro-optics products, plus faster recovery in enterprise networking and telecom infrastructure end markets, drove growth. Currently, Marvell’s custom AI design business is at its peak, with the team working on over 50 new projects for more than 10 clients.
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