TLDR
- Marvell reports fiscal Q2 2027 earnings after the closing bell Thursday
- Google received a warrant to buy up to 58.97 million Marvell shares, worth $12.19 billion
- Options pricing suggests traders expect the stock to swing up to 10% after earnings
- Marvell stock is up 169% in 2026 and 214% over the past 12 months
- Q2 sales are expected to hit $2.71 billion, up 35% year-over-year
Marvell Technology (MRVL) is set to report fiscal second-quarter 2027 earnings after Thursday’s closing bell. The stock slipped 3% to $229.64 in premarket trading Monday, following a 5.6% drop on Friday.
Marvell Technology, Inc., MRVL
Despite the recent dip, Marvell has been one of the standout performers in the S&P 500 this year, up roughly 169% in 2026 and 214% over the past 12 months.
Wall Street isn’t expected to fixate on the headline numbers. The real focus will be guidance and the details around Marvell’s newly announced custom chip deal with Google.
Google received a warrant to purchase up to 58.97 million Marvell shares at $206.58 per share. That puts the potential stake at $12.19 billion.
The deal covers development of Google’s custom chips, including its tensor processing units (TPUs). Marvell stock jumped 6.8% last week when the deal was announced.
Benchmark analyst Cody Acree said the Google relationship will likely be the main event when management speaks Thursday. He wrote that “data-center mix, the October guide and management’s treatment of the new Google relationship should matter more than a small July variance.”
Acree believes Marvell is likely to start with inference accelerators and TPU-attached memory, networking, and storage. He added that Marvell could land another Google TPU design role down the road.
What Analysts Are Saying
B. Riley’s Craig Ellis said the Google warrant broadens Marvell’s hyperscaler exposure while “increasing and extending the revenue growth outlook.” He noted that Marvell is “no longer seemingly on the outside looking in.”
Stifel analysts went further, estimating the commercial agreement could be worth roughly $120 billion in cumulative revenue for Marvell over just over six years.
J.P. Morgan’s Harlan Sur expects management to outline guidance with “strong upside.” He said investor focus beyond near-term results will be on how management frames its 2027 and 2028 data-center outlook.
UBS also expects a strong quarter, and said Marvell is “one of the more attractive ways to participate in the custom silicon, optical connectivity, and AI infrastructure buildout themes.” UBS trimmed its price target to $300 from $340 due to a broader pullback in compute-related stocks.
Options pricing suggests traders see the stock moving up to 10% in either direction by the end of the week. That would put the upside near $261 or pull it below $214.
What the Numbers Look Like
Analysts project Q2 sales of $2.71 billion, up 35% year-over-year. Adjusted earnings are expected to come in at 93 cents per share, up from 67 cents a year ago.
Of 13 analysts tracked by Visible Alpha, 11 rate the stock a buy. The average price target of $271 implies about 14% upside from Friday’s close of $237.04.
Acree reiterated a Buy rating with a $275 price target, representing 16% upside from Friday’s close.
Marvell has gained 22% in August alone, putting it on track for its best monthly performance since June 2026.
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