The chip maker didn't offer much upside to estimates with its July-quarter results

Marvell's stock was down in after-hours trading Thursday.

Marvell Technology just said it is boosting its annual forecast, but so far investors are shrugging that off.

Demand for artificial-intelligence-related offerings looks "exceptionally robust," CEO Matt Murphy said in a statement. He added that Marvell (MRVL) expects its revenue growth to accelerate through the rest of its current fiscal year from the 37% rate that the company posted for its latest quarter.

Against that backdrop, the company is lifting its revenue guidance for both fiscal 2027, which is ongoing, and fiscal 2028. Shares, though, are trading about 1% lower in Thursday's extended session.

The company on Thursday reported revenue of $2.7 billion for the July quarter, in line with expectations from analysts tracked by FactSet. Adjusted earnings of 94 cents per share for the fiscal second quarter were just a penny above the consensus view.

Murphy said strong demand for the company's data-center products drove the quarter's results, with revenue there growing 46% from the previous year.

Within Marvell's data-center portfolio, Murphy said demand is strong for its connectivity offerings. He also expects that the company's custom-chip business will see "a significant acceleration" starting in the second half of fiscal 2027.

For the October quarter, Marvell is forecasting revenue of $3.15 billion at the midpoint, which is above the FactSet consensus for $3 billion. The midpoint of management's outlook for adjusted EPS of $1.10 came in above estimates for $1.08.

Marvell shares had nearly tripled on the year heading into earnings.

Ahead of the report, Jefferies analyst Blayne Curtis said Marvell's "story has materially improved" given a report saying that its custom-chip customer Microsoft (MSFT) is planning to introduce its new Maia 300 chip later this year.

He also pointed to Marvell's expansion of its agreement with Alphabet (GOOGL) (GOOG) earlier this month. The companies will codevelop products in Google's custom-chip ecosystem, including inference accelerators and storage controllers.

-Britney Nguyen