4Q25 Revenue: $1.82B, +27.3% YoY, beat estimates by $20M
4Q25 Non-GAAP EPS: $0.60 beat estimates by $0.01
1Q26 Guidance: Expect revenue to be $1.88B, compared with analysts’ average estimate of $1.87B.
Comment: Marvell Technology delivered fourth quarter revenue of US$1.82bn and EPS of US$0.60 surpassing analysts’ estimates. Despite the good results, investors were disappointed over slower-than-expected growth in AI-related sectors. The company’s forecast for first-quarter revenue aligns with Wall Street estimates, predicting US$1.88bn, slightly above the average estimate of US$1.87bn. The demand for AI chips has surged, benefiting companies like Marvell and Broadcom, as tech giants such as Microsoft and Amazon develop their own processors to reduce reliance on Nvidia. Marvell’s data center segment saw a significant 78% YoY increase in fourth-quarter sales to US$1.37bn, driven by custom AI chip demand. However, revenue in its enterprise networking and carrier infrastructure units declined sharply, with respective drops of 35% and 38%. Looking ahead, we anticipate that Marvell will be able to capitalize on the growing demand for AI chips as more companies transition to custom solutions. While some challenges remain in other segments, the ongoing shift towards AI-driven technologies presents significant opportunities for revenue growth in the long-term. 1Q26recommended trading range: $75 to $90. Neutral Outlook.
2Q25 Revenue: $647.9M, +23.4% YoY, beat estimates by $12.55M
2Q25 Non-GAAP EPS: $0.78 beat estimates by $0.09
3Q25 Guidance: Expect sales to fall within a range of $665M and $667M, with the midpoint slightly below the $666.9M estimate
FY25 Guidance: Expects to earn between $3.04 and $3.09 per share on an adjusted basis, above the previous estimate of $2.94 per share. Full-year billings are forecast to be between $3.15B and $3.17B, above the previous view of $3.12B to $3.15B. Analysts were expecting the company to earn an adjusted $2.99 per share on billings of $3.14B.
Comment: Zscaler Inc reported strong fiscal 2025 second-quarter results, with adjusted earnings per share of US$0.78 and revenue of US$647.9mn, both surpassing analyst expectations. This marks a YoY earnings increase from US$0.63 and a 23% rise in revenue. The company also achieved billings of US$743mn and a 28% increase in remaining performance obligations, totalling US$4.6bn. Zscaler’s customer base expanded, with 3,291 customers generating over US$100,000 in annual recurring revenue and 620 customers spending over US$1mn annually. During the quarter Zscaler launched its Zero Trust Segmentation, which enhances security while reducing infrastructure costs across distributed locations. For the third quarter, the company expects sales to be between US$665mn and US$667mn slightly lower than estimates of US$666.9mn. Given the current uncertain macroeconomic environment, corporations are looking to optimize spending on AI integration while improving cybersecurity. With the rising adoption of Zero Trust and AI technologies, Zscaler is well-positioned for continued growth and to strengthen its leadership in the cloud security market. 3Q25recommended trading range: $190 to $220. Positive Outlook.
4Q25 Revenue: $548.4M, +19.7% YoY, beat estimates by $28.56M
4Q25 Non-GAAP EPS: $1.28, beat estimates by $0.61
1Q26 Guidance: Expects revenue between $524-$529M, non-GAAP income from operations of $54-$58M and non-GAAP net income per share of $0.63-$0.67.
FY26 Guidance: Expects revenue between $2.24-$2.28B, non-GAAP income from operations of $210-$230M and non-GAAP net income per share of $2.44-$2.62.
Comment: MongoDB Inc reported its first quarterly profit in the fiscal 2025 fourth quarter, posting earnings of US$1.28 per share and revenue of US$548.4mn, both significantly exceeding analyst expectations. Subscription revenue rose 19%, and services revenue grew by 34%, contributing to a net income of US$15.8mn, a notable improvement from the previous year’s loss of US$55.5mn. The company ended the quarter with over 54,500 customers. However, MongoDB’s forecasted disappointing outlook for FY26, with projected earnings between US$2.44 and US$2.62 per share and revenue guidance of US$2.24bn to US$2.28bn, both falling short of analyst targets. The company highlighted strong consumption of its cloud-hosted MongoDB Atlas and announced a key acquisition of Voyage AI Inc. to enhance its AI capabilities. Looking ahead, while the integration of AI technologies from the Voyage AI acquisition could enhance the platform’s relevance in the evolving data management and AI landscape, the broader outlook for MongoDB’s FY26 suggests cautious growth. 1Q26 recommended trading range: $215 to $240. Negative Outlook.
短评：MongoDB公司公布了25财年第四季度的首次季度利润，每股收益为1.28美元，营收为5.484亿美元，均大幅超出分析师预期。订阅收入增长19%，服务收入增长34%，净利润达到1580万美元，较上年亏损5,550万美元有了显著改善。该公司本季度末拥有超过54,500名客户。然而，MongoDB对26财年的预测令人失望，预计每股收益在2.44美元至2.62美元之间，营收指引在22.4亿美元至22.8亿美元之间，均低于分析师目标。该公司强调了其云托管MongoDB Atlas的强劲消费，并宣布收购Voyage AI Inc.以增强其人工智能能力。展望未来，虽然Voyage AI收购的人工智能技术整合可能会增强平台在不断发展的数据管理和人工智能领域的关联性，但MongoDB对26财年的整体展望表明增长谨慎。26财年第一季度建议交易区间：215美元至240美元。负面展望。
