Marvell Technology Inc. (NASDAQ:MRVL) stock slid in Tuesday's extended trading after the company announced third quarter earnings results and the acquisition of Celestial AI.
Here's a look at the details in the report.
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The Details: Marvell reported quarterly adjusted earnings of 76 cents per share, which beat the analyst estimate of 73 cents, according to Benzinga Pro.
Quarterly revenue came in at $2.08 billion, which beat the Street estimate of $2.07 billion and was up from revenue of $1.52 billion from the same period last year.
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Marvell also announced the acquisition of Celestial AI.
“Marvell delivered record third-quarter revenue of $2.075 billion, exceeding the midpoint of guidance, driven by strong demand for our data center products,” said Matt Murphy, Marvell’s Chairman and CEO.
“We are guiding for robust growth in the fourth quarter and are on track for a strong finish to the fiscal year, with full-year revenue growth forecasted to exceed 40%. Looking ahead, we see demand for our products continuing to accelerate, and as a result, our data center revenue growth forecast for next year is now higher than prior expectations,” Murphy added.
MRVL Stock Price: According to data from Benzinga Pro, Marvell stock fell 6.33% to $87.01 in Tuesday's extended trading.
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