AcquisitionsMay 28, 2026, 04:14 PM
Marvell Technology Acquires Celestial AI & XConn; Q1 Revenue $2.42B
AI Summary
Marvell Technology completed two significant acquisitions in Q1 fiscal 2027: Celestial AI for $3.5 billion and XConn Technologies for $469 million. These strategic moves are aimed at enhancing the company's connectivity solutions for AI and cloud data centers and expanding its switching portfolio. While net revenue for the quarter increased to $2,417.8 million from $1,895.3 million year-over-year, net income significantly declined to $34.5 million from $177.9 million in the prior year, impacted by increased operating and other expenses.
Key Highlights
- Acquired Celestial AI for $3.5 billion in cash and common stock.
- Acquired XConn Technologies for $469 million in cash and common stock.
- Q1 FY27 Net Revenue increased to $2,417.8 million from $1,895.3 million YoY.
- Q1 FY27 Net Income decreased to $34.5 million from $177.9 million YoY.
- Q1 FY27 Diluted EPS was $0.04, down from $0.20 YoY.
- Cash and cash equivalents rose to $3,843.6 million from $2,638.8 million.
- Goodwill increased by approximately $2.8 billion due to acquisitions.
- Data center revenue was $1,832.7 million, accounting for 76% of total.
Price Impact
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