Marvell CEO Hails Google Deal as 'Game-Changing'
Marvell CEO Matt Murphy calls the company's deal with Google 'game-changing', saying it could add billions of dollars in potential revenue beyond existing forecasts. The agreement, which has a commercial arrangement worth up to $120 billion over six years, is expected to drive significant growth for Marvell.
The company now expects data-center revenue to grow more than 60% in fiscal 2028, driven by custom silicon, connectivity, and scale-up infrastructure. Murphy notes that the Google deal is 'very broad-based' and has 'a lot of upside bias' to its custom-revenue outlook for fiscal 2029 and beyond.
Marvell's stock fell as much as 8% in pre-market trade despite beating earnings expectations, with analysts citing elevated expectations and a premium valuation due to the Google deal. Goldman Sachs and Morgan Stanley have raised their price targets on Marvell stock following the announcement.