Marvell Stock Slides After Q3 Earnings, Acquires Celestial AI

Core Insights - Marvell Technology Inc. reported third-quarter earnings that exceeded analyst expectations, with adjusted earnings of 76 cents per share compared to the estimated 73 cents [2] - The company also announced the acquisition of Celestial AI, which is expected to enhance its product offerings [3] Financial Performance - Quarterly revenue reached $2.08 billion, surpassing the Street estimate of $2.07 billion and showing significant growth from $1.52 billion in the same period last year [2][4] - Marvell's Chairman and CEO, Matt Murphy, highlighted that the record revenue was driven by strong demand for data center products [3] Future Outlook - The company is guiding for robust growth in the fourth quarter, with full-year revenue growth forecasted to exceed 40% [4] - Demand for Marvell's products is expected to continue accelerating, leading to an upward revision of data center revenue growth forecasts for the next year [4] Stock Performance - Following the earnings announcement, Marvell's stock fell by 6.33% to $87.01 in extended trading [4]