Management remarks
Call period: 2027 Q2 · 2026-08-27
Guidance: Matthew Murphy: Putting it all together, we now expect fiscal 2028 revenue of approximately $18 billion, up $1.5 billion from the $16.5 billion outlook we provided just 1 quarter ago.Demand and orders: Matthew Murphy: On the optical DSP side, 800 gig demand remains strong, while our 1.6T business is ramping rapidly, a trend we expect to accelerate further in fiscal 2028.Margins: Daniel Durn: We expect our non-GAAP gross margin to be between 57.5% and 58.5%. Revenue levels and product mix remain key determinants of gross margin in any given quarter with the forecasted acceleration of our custom business creating the sequential headroom in the fiscal third quarter -- the sequential headwind in the fiscal third quarter.Analyst Q&A
Analyst Harlan Sur asked: Welcome to the team, Dan and Ross. Matt, given the Google commercial program you signed back in late July, a $120 billion in cumulative revs over 6 years, if you hit all of your milestones, right, that puts you if you just annualize it at about $18.5 billion per year in revenues just in Google XPU attach custom ASICs, right? Management Matthew Murphy answered: And then -- so then you look out to fiscal '29 where in our last call, I talked about a $10 billion kind of plus number for custom in fiscal '29, which isn't a new number, by the way. That was something that we outlined back in June '25 and even back in April '24, we were talking about custom revenues in the $8 billion to $10 billion range. So we've had a consistent view of what that can look like. This opportunity with this customer greatly increases the revenue opportunity for us in custom with some of that potentially starting in '29.管理层陈述
电话会期间：2027 Q2 · 2026-08-27
指引：马修·墨菲称，我们目前预计2028财年营收约为180亿美元，较仅一个季度前给出的165亿美元预期上调了15亿美元。需求与订单：马修·墨菲称，在光数字信号处理器业务方面，800G需求依然强劲，我们的1.6T业务正快速爬坡，预计这一趋势在2028财年将进一步加快。利润率：丹尼尔·德恩称，我们预计非GAAP毛利率介于57.5%至58.5%之间。营收水平和产品结构仍是任意季度毛利率的关键决定因素，我们预计定制业务的加速增长将在本财年第三季度带来环比上行空间——本财年第三季度的环比逆风因素。分析师问答
分析师哈兰·瑟尔：欢迎丹和罗斯加入团队，马特，鉴于你们7月底签署的谷歌商业项目，若达成所有里程碑，该项目6年累计收入1200亿美元，仅谷歌XPU定制ASIC业务年化收入约185亿美元，对吗？管理人马修·墨菲：我们此前提到2029财年定制业务收入将达100亿美元以上，该数字早在2025年6月就已提出，2024年4月我们就讨论过80亿至100亿美元的定制收入区间，此次谷歌合作大幅提升定制业务收入潜力，部分收入或从2029财年开始计入。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
