Marvell Technology raised its revenue forecast for this fiscal year and next, citing strong AI demand. The company reported fiscal second-quarter profit of $308 million, or 33 cents a share, up from $194.8 million a year earlier. Adjusted earnings were 94 cents a share, beating analyst expectations of 93 cents.

Revenue rose to $2.74 billion from $2.01 billion, also topping forecasts. CEO Matt Murphy said AI-related bookings remain exceptionally robust, with broad-based strength in Data Center and significant acceleration in Custom business expected in the second half of fiscal 2027. For the current quarter, Marvell projects adjusted earnings of $1.05 to $1.15 a share on revenue of $3.15 billion, above analyst estimates.

Shares fell 2.2% in after-hours trading despite the upbeat outlook.