Marvell Technology Fiscal 2028 Outlook Boosted by Custom Chips
Marvell Technology's Custom Chip Division Boosts Fiscal 2028 Outlook
Marvell Technology's custom chip division is driving a more positive outlook for its fiscal 2028 performance, according to Jefferies analyst Blayne Curtis. The semiconductor company reported fiscal first-quarter earnings after market close Wednesday.
Revenue Exceeds Expectations, Profits Decline
Revenue came in above market expectations, though profits fell year-over-year. The analyst notes that forecasts for chip sales are a major source of positivity.
New Custom Chip Contracts and Potential Google Deal
Marvell management announced winning new custom chip contracts, which Curtis suspects might include a new deal with Google.
Switching Segment Targets Over $1 Billion Revenue
The company's switching segment, which routes data across data centers, is on a credible path to exceeding $1 billion in revenue by fiscal 2028. However, questions remain about the durability of Marvell's Microsoft partnership.
Marvell Technology shares slipped 2.9% in premarket trading.
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