Marvell, Salesforce, Synopsys, Snowflake, Agilent, HP
Marvell Technology MRVL reported strong fiscal 2027 first-quarter results, with second-quarter guidance above our model. Management now expects $16.5
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Stock Analyst NotesMay 28, 2026
Marvell Technology MRVL reported strong fiscal 2027 first-quarter results, with second-quarter guidance above our model. Management now expects $16.5 billion in fiscal 2028 revenue, up 10% from its guidance just three months ago. Marvell's data center portfolio continues to gain momentum across custom compute and networking. We now expect revenue growth to accelerate through the next three years. Our higher expectations are founded on Marvell's holistic portfolio of networking, optics, and custom compute, all of which are benefiting tremendously from AI investment.
Salesforce’s CRM fiscal 2027 first-quarter revenue grew 12% in constant currency to $11.13 billion, while non-GAAP operating margin was 34.8%. Fiscal 2027 guidance was raised slightly to account for upside in the quarter and the accelerated share-repurchase program. AI continues to show momentum that should persist through 2028, with total Agentforce and Data 360 annual recurring revenue of $3.4 billion, up more than 200% year over year. Stand-alone Agentforce ARR was $1.2 billion, up 205% year over year. Subscriptions drove nearly all of the upside relative to our model.
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Synopsys SNPS reported a solid fiscal second quarter, mildly beating our revenue and adjusted EPS expectations. Revenue grew 42% year over year, affected by the Ansys acquisition. Management raised its full-year outlook, with EPS guidance up 2% at the midpoint. The IP business is starting to show signs of life again, while Ansys growth continues to surpass expectations. Further details on the call also continued to support our thesis on AI pricing plus physical AI demand.
Snowflake SNOW delivered blowout fiscal 2027 first-quarter results. Year-over-year product revenue growth of 34% beat guidance by 700 basis points. Non-GAAP operating margin reached a new record of 11.9%, 290 basis points above guidance. Artificial intelligence remains the primary driver of Snowflake's outperformance. Over 97% of customers have adopted Snowflake's AI offerings, leveraging tools like Cortex Code to unlock enterprise data insights with speed.
In its fiscal second quarter, Agilent A delivered 6.3% core revenue growth, above its prior 4.0%-5.5% outlook, and 14% adjusted EPS growth to $1.49, exceeding its prior guidance of $1.39-$1.42. Management raised its full-year guidance on these better-than-expected results. Agilent's biggest end markets—pharma, chemicals and advanced materials, and diagnostics/clinical—looked stellar to us and offset current pressures in academia/government and China.
HP HPQ reported healthy second-quarter results, with revenue growing 9% year over year to $14.4 billion and non-GAAP diluted EPS of $0.86, both exceeding FactSet consensus estimates. Rising memory costs continue to be a headwind. Revenue was partially driven by outperformance in commercial PCs and partially by printing supplies. Management reiterated that supplies are still expected to decline generally, while PC outperformance was strictly pricing-driven, as commercial units were down 7%.
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