Marvell Technology (MRVL) official guidance

We expect basic weighted average shares outstanding of approximately 900 million and diluted weighted average shares outstanding of approximately 921 million, both roughly flat with the second quarter.

We expect basic weighted average shares outstanding of approximately 900 million and diluted weighted average shares outstanding of approximately 921 million, both roughly flat with the second quarter.

Looking ahead, given the significant increase in our revenue and earnings outlook, we expect non-GAAP tax rate of approximately 13% in fiscal 2028.

We expect a non-GAAP tax rate of 11%.

We anticipate GAAP earnings per diluted share of $0.48-$0.58.

We expect non-GAAP earnings per diluted share of $1.05-$1.15.

We expect GAAP gross margin to be between 52.9% and 53.9%.

We expect our non-GAAP gross margin to be between 57.5% and 58.5%.

We currently expect to maintain gross margin in this range in the fourth fiscal quarter.

We project GAAP operating expense of approximately $1.015 billion in fiscal Q3 and non-GAAP operating expenses of approximately $655 million.

For fiscal 2027, we expect non-GAAP operating expenses of approximately $2.55 billion, slightly above our prior expectation of $2.45 billion, reflecting the significantly larger revenue opportunity we now see.

Looking ahead to fiscal 2028, we currently expect non-GAAP operating expenses to grow at roughly half the rate of revenue growth in percentage terms.

We project GAAP operating expense of approximately $1.015 billion in fiscal Q3 and non-GAAP operating expenses of approximately $655 million.

This reflects continued investment against an expanding opportunity set, while yielding continued operating leverage to achieve the upper end of our target non-GAAP operating margin of 38%-40% as we progress through the year.

As a result, we expect significant operating leverage, with non-GAAP operating margin likely to enter our 38%-40% long-term target range in Q4 of this fiscal year.

We expect GAAP other income and expense, including interest on our debt, to be an expense of approximately $86 million.

On a non-GAAP basis, we expect other income and expense, including interest on our debt, to be an expense of approximately $36 million.

As a result, we now expect overall Marvell revenue in fiscal 2027 to grow approximately 45% year-over-year to roughly $12 billion, up from our prior outlook of approximately $11.5 billion just one quarter ago.

Putting it all together, we now expect fiscal 2028 revenue of approximately $18 billion, up $1.5 billion from the $16.5 billion outlook we provided just one quarter ago.

We are forecasting revenue of $3.15 billion, ± 5%.