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Marvell Technology’s fiscal 2028 revenue forecast is now about $20 billion, according to Reuters on October 6, 2026. That is a forward-looking estimate—not revenue the company has already earned or a guaranteed outcome. Marvell’s latest reported results provide context for the raised outlook: its Q2 fiscal 2027 revenue was $2.739 billion, up 37% year over year, while data center revenue grew 46%.
What Marvell’s new fiscal 2028 forecast means
Reuters reported on October 6, 2026 that Marvell raised its fiscal 2028 revenue forecast to about $20 billion, citing demand for its data-center chips. The forecast is a management outlook for a future fiscal year. It should not be read as a reported result, a promise, or a measure of revenue already secured.
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The October figure is reported by Reuters; it does not appear in Marvell’s August earnings release or the filing exhibit cited here. Marvell’s August release did say it was raising its fiscal 2027 and fiscal 2028 outlooks again, but the approximately $20 billion figure should be attributed to Reuters.
How the forecast compares with reported revenue
Marvell reported $2.739 billion in revenue for Q2 fiscal 2027, its quarter ended in 2026, up 37% from the same quarter a year earlier. Data center revenue grew 46% year over year, faster than company-wide revenue growth, according to Marvell’s August 27, 2026 earnings release.
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For a longer historical baseline, Marvell reported $8.195 billion in revenue for fiscal 2026, a 42% increase year over year, in its March 5, 2026 fiscal 2026 results. The fiscal 2028 forecast and these reported figures cover different periods and should not be treated as interchangeable: one is a forward estimate, while the others are completed-period results.
Why Marvell raised its outlook
AI-related bookings and data center demand
Marvell CEO Matt Murphy said in the August 27 earnings release that AI-related bookings remained “exceptionally robust” and that the company expected revenue growth to accelerate through the rest of fiscal 2027. He connected that strength to raising the company’s outlook for fiscal 2027 and fiscal 2028 compared with guidance given the previous quarter.
Murphy also cited broad strength across Marvell’s Data Center portfolio. The company specifically pointed to connectivity demand and said its Custom business was expected to accelerate significantly beginning in the second half of fiscal 2027. These are management’s explanations for the outlook; the published details do not establish how much each product area contributes to the October forecast.
Products Marvell had identified in its August outlook
In the August update, Marvell described demand across connectivity, custom XPU and XPU-attach solutions, high-speed optics and switching, and scale-up and scale-across interconnect. Those categories offer context for the company’s data-center business, but they are not a complete breakdown of the approximately $20 billion October forecast.
What remains uncertain
A revenue forecast is subject to change as customer demand, product deployments, competition, and other business conditions evolve. The cited materials establish Marvell’s reported results and management’s stated reasons for optimism, but they do not provide an independent forecast of whether the company will reach about $20 billion in fiscal 2028.
The available reporting also does not establish that the October outlook exceeded analyst consensus. Without a verified consensus comparison, the forecast should be understood on its own terms rather than described as a beat.
Why October 6 matters to investors
Marvell had announced that it would hold an Investor Day in New York City on October 6, 2026, with presentations from Murphy and senior leadership. The event provides a setting for the company to discuss its business and strategy, but the Investor Day announcement itself is not evidence of the forecast’s underlying assumptions or likelihood of achievement. See Marvell’s August 3, 2026 Investor Day announcement.
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