MARVELL: IS INLINE GOOD ENOUGH?

$MRVL reported an inline quarter with guidance also inline. But it just wasn't good enough... here's what I did!

Marvell Technology $MRVL just reported its FY2026 Q1 results, and the market’s reaction was anything but subtle. The stock initially dropped 8.5%, sliding from $63 to $58 after hours, before recovering into the earnings call and stabilizing, mostly in line with broader market action. While the reaction looked bearish at first, the actual results weren’t terrible, just not good enough to meet rising expectations. Compared to other semis like Astera Labs $ALAB, Broadcom $AVGO, and Arista Networks $ANET, Marvell has been lagging since the April bounce.

The Inline Results

• Revenue: $1.895B, up 63.3% YoY and a beat

• EPS: $0.62 adjusted, above the $0.61 estimate

• Operating Margin: 34.2% adjusted, roughly in line

• Gross Margin: Missed by ~20bps, not a major concern

• Q2 Revenue Guide: ~$2B, signaling a slowdown to 57% YoY growth

Here’s the whiteboard from ConsensusMedia.