“Marvell delivered record revenue of $2.006 billion, reflecting a 6% sequential increase and strong 58% year-over-year growth.” (CEO)
“We expanded our non-GAAP operating margin by 870 basis points year-over-year to 34.8% and delivered record non-GAAP earnings per share of $0.67, up 123% year-over-year.” (CEO)
“Since our event in June, our team has won additional sockets, adding to the 18 sockets we had already discussed. Collectively, these new wins represent multibillion-dollar lifetime revenue potential.” (CEO)
“As a result, starting in the third quarter, we will consolidate our non-data center end markets into a new single communications and other end markets.” (CEO)
“Looking ahead, we expect momentum to continue in the third quarter, with total company revenue forecast at $2.06 billion at the midpoint
Q&A Batch (1-5 of 9)
Q1 — Ross Clark Seymore
Topic: Custom business Q3 headwinds and Q4 recovery
Key points:
Q3 lumpiness is normal for large hyperscale builds ramping into production; optics business growing double digits in Q3.
Custom demand increases again in Q4; custom expected to be up in second half over first half.
Q3 digestion is a one-quarter timing issue, with recovery in Q4.
Mgmt stance: Neutral — lumpiness is expected and temporary, with confidence in Q4 recovery.
Q2 — Jeremy Lobyen Kwan
Topic: Design win momentum and supply chain/tariff impact
Key points:
Design activity is highest in 9 years at Marvell, across XPU, XPU attach, emerging and existing hyperscalers.
Since June, XPU attach opportunities have grown from "several hundred million dollar" lifetime to "billions of dollars" for new design wins.
Supply chain is very tight but execution has met all customer needs; no significant tariff impact to date.
Mgmt stance: Bullish — design win pipeline is unprecedented and supports 20% share target; supply chain managed well.
Q3 — Aaron Christopher Rakers
Topic: Custom XPU concentration and scale-up networking opportunity
Key points:
Initial handful of sockets are ramping; 18+ design wins (from AI Day) will layer in over next 18–24 months.
Market share trajectory: 10% in 2023, 13% in 2024, targeting 20% over time.
Scale-up switches (Ethernet, UALink) are a key growth driver; investing heavily in low-latency switching IP from Innovium.
Mgmt stance: Bullish — design activity is "episodic" and unprecedented; scale-up switches expected to drive growth in next couple of years.
Q4 — Vivek Arya
Topic: Near-term Q4 data center growth and 2026 custom business outlook
Key points:
No annual guidance provided; only quarterly guidance. Custom up second half vs. first half.
Core business (enterprise networking, carrier) recovered from ~$900M annualized run rate low to ~$1.7B run rate implied in Q3 guide.
Optics Q3 up double digits; overall momentum strong.
Mgmt stance: Neutral — no explicit 2026 growth rate given; highlights strong recovery in non-custom segments.
Q5 — Thomas James O'Malley
Topic: ASIC digestion details and optical supply constraints
Key points:
Q3 digestion is a timing issue with existing programs, not a product transition; diversity will increase as more programs ramp.
Optics business has ramped massively over last few years; deep partnerships with module companies help manage supply chain noise.
No specific component issues cited; execution has been successful.
Mgmt stance: Neutral — digestion is temporary; optics ramp is well-managed despite ecosystem noise.