Marvell Set to Report Q2 Earnings Amid Google Deal Buzz

Marvell Technology (MRVL) is set to report its fiscal second-quarter 2027 results on Thursday, August 27. The chipmaker has seen a significant price increase in recent weeks, trading near $243 as of this writing. This surge can be attributed to the company's expanded custom chip agreement with Google, which was announced last week.

The agreement is expected to have a notable impact on Marvell's business, but the financial effects will not be immediately apparent in Thursday's numbers. According to Marvell's filing, nearly all of the warrant's shares vest in 240 tranches, one for each $500 million of custom product revenue recognized from Google and its affiliates.

The start date for this revenue recognition is August 1, 2026, which falls outside the quarter being reported. Therefore, most of the agreement's impact will be reflected in future quarters. The company's management has guided fiscal second-quarter revenue to $2.7 billion, plus or minus 5%, with earnings per share expected to be $0.37 on a GAAP basis and $0.93 on a non-GAAP basis.

The key metric to watch will be the data center end market, which accounted for 76% of Marvell's sales in the fiscal first quarter. The company has stated its expectation for continued revenue growth acceleration throughout fiscal 2027, driven by strength in the data center business.