Investors will be looking for more information about the company's Amazon relationship, which has been a hot topic on Wall Street as Marvell's stock has struggled this year

Marvell Technology Inc. delivered fiscal first-quarter results in line with expectations - but the latest numbers may be less important than the company's upcoming commentary, as some analysts on Wall Street remain uncertain about Marvell's business with Amazon.com.

The computer-chip company reported $1.9 billion in revenue for the April quarter - up 63% from a year ago, and in line with the FactSet analyst consensus. Data-center revenue came in at $1.4 billion, which was also in line with estimates. Marvell Technology reported adjusted earnings of 62 cents a share, coming in a penny above the 61 cents that analysts were eyeing.

The company "delivered record revenue in the first quarter" and is "forecasting continued strong growth into the second quarter," Marvell Chief Executive Matt Murphy said in a statement.

Marvell set its July quarter guidance at $2 billion, which is what analysts were expecting.

"This momentum is being fueled by strong AI demand in the data-center end market, where our revenue is benefiting from the rapid scaling of our custom silicon programs and robust shipments of our electro-optics products," Murphy continued. "As the industry continues to move toward building custom AI infrastructure, Marvell is uniquely positioned at the center of this transformation. We see our custom silicon business driving strong growth in the second quarter and beyond. "

Marvell shares fell more than 3% in after-hours trading on Thursday, and are down more than 40% so far this year.

Ahead of the company's earnings report, analysts at Morgan Stanley said in a Tuesday note that they had lowered their expectations after Marvell narrowed its guidance range in the middle of the quarter to $1.85 billion, plus or minus 2%, from plus or minus 5% previously.

"The announcement was somewhat disappointing given the ongoing positivity from the Trainium supply chain, strength in optical, and an anticipated rebound in traditional networking/storage/comm infrastructure," the analysts said.

Marvell has a partnership with Amazon Web Services to provide the cloud giant with data-center chips and custom AI products, such as its Trainium chips. Investors will be looking for more information about that relationship on the earnings call.

Morgan Stanley said its checks "indicate solid Trainium2 builds and optical strength," and that Marvell's revenue for application-specific integrated circuits "should be fine near term."

Although the analysts expect Marvell's ASIC revenue will grow through working with Amazon on its Trainium chips, the analysts are more concerned "that this is clearly not a high-quality business if we are still debating about a chip coming out later this year."

Earlier this month, Melius Research analysts said Marvell's association with Amazon's Trainium 3 and Trainium 4 accelerators was clouding upside for 2026 to 2028.

"The noise/controversy around potential content losses to Taiwan's Alchip is showing no sign of abating after my recent visit to Taiwan," a Melius analyst wrote. "If there is no upside - and even downside - then investors need to be hoping for perfect execution and an enduring role in an unproven Microsoft accelerator line."