Marvell Technology expects accelerating growth through the rest of the fiscal year after artificial-intelligence demand boosted profit and revenue in the fiscal second quarter.

The semiconductor company on Thursday reported a profit of $308 million, or 33 cents a share, in the quarter ended Aug. 1. That compares with a profit of $194.8 million, or 22 cents a share, a year earlier.

Stripping out certain one-time items, adjusted earnings were 94 cents a share. Analysts polled by FactSet were expecting 93 cents a share.

Revenue rose to $2.74 billion from $2.01 billion a year earlier. Analysts were expecting revenue of $2.72 billion.

"AI-related bookings remain exceptionally robust, and we expect our revenue growth to accelerate further through the remainder of fiscal 2027," Chief Executive Matt Murphy said. "We are seeing broad-based strength across our Data Center portfolio, including strong demand in Connectivity and a significant acceleration in our Custom business beginning in the second half of fiscal 2027."

Marvell now expects to bring in more revenue this fiscal year and next than it previously forecast, Murphy added.

For the current third quarter, the company is projecting adjusted earnings of between $1.05 and $1.15 a share on revenue of $3.15 billion, plus or minus 5%.

Analysts are expecting $1.08 a share in adjusted earnings and revenue of $3.04 billion.

Shares of Marvell were down 2.2% to $236.22 in after-hours trading on Thursday. The stock closed down 1.5% at $241.45, having nearly tripled in value this year.