Marvell tops Q2 estimates as data center revenue jumps 46%

U.S. stock futures were steady after Nvidia's (NVDA) strong earnings drove tech gains. NVDA shares rose 8.7%, boosting the Nasdaq 1.6%. Investors await Fed Chair Warsh's speech at Jackson Hole for inflation and rate clues. Salesforce (CRM) and CrowdStrike (CRWD) also advanced. Gap (GAP) shares jumped 13% on earnings, while Marvell (MRVL) fell 7% despite a robust outlook.

Marvell reported record Q2 2027 revenue of $2.739B, up 37% YoY, with Data Center revenue growing 46% YoY. The company's Data Center segment is growing faster than its overall business, indicating expanding AI infrastructure budgets beyond major chipmakers.

Gap shares rose 14% after announcing a new Old Navy CEO and reporting adjusted Q2 earnings of 52 cents per share, beating estimates. Marvell Technology fell 6% despite meeting earnings expectations. Workday gained 1% after surpassing Q2 estimates. Rubrik dropped 7% despite beating earnings and revenue forecasts. Autodesk slid 5% after lowering Q3 and full-year earnings guidance. Elastic N.V. surged 20% after raising full-year guidance. SentinelOne fell 4% due to a weak outlook despite strong Q2

Marvell Technology reported Q2 2027 revenue of $2.739B, up 37% YoY, with GAAP EPS of $0.33 and non-GAAP EPS of $0.94. The company raised its revenue outlook for 2027 and 2028, citing strong demand in data center and AI-related bookings. Q3 guidance includes revenue of $3.15B and non-GAAP EPS of $1.10.

Marvell Technology (MRVL) reported Q2 CY2026 revenue of $2.74B, up 36.5% YoY, beating estimates. Q3 guidance of $3.15B midpoint exceeds analyst expectations by 4%. Non-GAAP EPS of $0.94 met estimates. Inventory levels improved, with DIO at 96 days, below the 5-year average. Shares fell 3.1% post-results.

Nvidia's positive outlook boosted tech stocks globally. European markets saw mixed results, with tech gains offset by declines in French shares and airlines. In the UK, Halfords and Computacenter rose, while Lloyds and banks fell. Nvidia's revenue growth forecast of 70% for next fiscal year drove its stock up 7.8%. Salesforce and CrowdStrike also surged after raising revenue forecasts.