Shares of Marvell Technology (MRVL 2.18%) popped on Friday after the semiconductor maker reported robust earnings growth and issued an upbeat forecast for the year ahead.
By the close of trading, Marvell's stock price was up more than 18%.
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AI-fueled growth
Marvell's revenue jumped 22% year over year to $2.2 billion in its fiscal 2026 fourth quarter, which ended on Jan. 31.
The gains were broad-based. Revenue in Marvell's data center and communications segments grew 22% and 26%, respectively, to $1.7 billion and $567 million, driven by strong demand for Marvell's artificial intelligence (AI)-related offerings.
NASDAQ: MRVL
Key Data Points
"We achieved sequential growth across all key product lines, including optical interconnects, custom silicon, switching, and storage," CEO Matt Murphy said during a conference call with analysts.
All told, Marvell's adjusted net income climbed 29% to $685 million. The company's adjusted earnings per share, which were boosted by stock buybacks, increased 33% to $0.80.
Marvell's growth is accelerating
Looking ahead, management expects revenue of roughly $2.4 billion and adjusted earnings of $0.79 per share in Marvell's fiscal 2027 first quarter.
"We expect year-over-year revenue growth to accelerate each quarter in fiscal 2027, driven by continued strength in our data center business," Murphy said.
