Marvell Raises Fiscal 2028 Revenue Outlook to $20 Billion
Marvell raised its fiscal 2028 revenue outlook to $20 billion from $18 billion and projected fiscal 2031 revenue of $70 billion to $90 billion. BNP Paribas analyst Karl Ackerman said the forecasts could support earnings of about $33.40 per share by 2030, above management’s target of more than $30.
Marvell Technology Inc. (NASDAQ: MRVL) is broadening its AI data-center business with new memory products, an expanded infrastructure portfolio and long-term revenue targets, citing growing demand for AI computing. Shares fell 3% on Monday as investors took profits after a recent multi-day rally. The stock is still up over 200% in 2026, supported by demand for its AI data-center chips, cloud partnerships and a revision to its long-term financial guidance.
Marvell introduced its second-generation Structera X products, designed to help cloud and enterprise customers run larger AI workloads more efficiently. The products expand available memory, improve memory sharing across systems and help customers make greater use of existing hardware. Marvell said they can deliver up to 40%-50% faster response times for large AI models or support roughly twice as much context at similar speeds compared with the previous generation. The company is working with AMD, Arm, Alibaba, Samsung Electronics and SK Hynix to encourage broader adoption.
Marvell expects sampling of the new Structera X products to begin in In the first quarter of 2027, Marvell plans to showcase its AI data-center technologies at the 2026 Open Compute Project Global Summit in San Jose, running from Oct. 12-15. The company will feature networking, memory, storage, connectivity and security products intended to enhance AI infrastructure performance and efficiency. Marvell executives and engineers are also scheduled to take part in 14 sessions on AI connectivity, data-center security and open infrastructure standards.
At its investor day, Marvell lifted its long-term outlook, projecting fiscal 2031 revenue of $70 billion to $90 billion. It also raised its fiscal 2028 revenue outlook to $20 billion, from $18 billion. BNP Paribas analyst Karl Ackerman said Marvell increased its estimated total addressable market to $400 billion by 2030, with about $385 billion associated with data centers. Marvell estimates the opportunity at $235 billion for custom products, $85 billion for switching and storage, and $65 billion for interconnect products.
91. Ackerman also said Marvell expects gross margins of 56%-59% and increased its operating margin target to 44%-46%, up from 38%-40%. “We remain constructive on Marvell as one of three companies offering a complete portfolio across AI compute and networking for scale-in, scale-up, scale-out, and scale-across applications,” Ackerman wrote. 40 at the time of publication on Monday, according to Pro data.