Marvell Technology (MRVL) Net Income Falls in Fiscal Q1 on Higher Expenses

Marvell Technology, Inc. (NASDAQ: MRVL) reported a decline in profit for its fiscal first quarter ended April 30, 2026, as a jump in operating expenses outpaced revenue gains. The Santa Clara, Calif.-based semiconductor company posted net income of $215 million, or 25 cents per share, compared with $290 million, or 34 cents per share, in the year-ago period. Analysts had expected earnings of 28 cents per share. Revenue rose 3% to $1.45 billion, missing consensus estimates of $1.48 billion. Research and development costs climbed 12% to $490 million, reflecting investments in custom AI silicon and data-center chips. Gross margin narrowed to 50.4% from 52.1% a year earlier.