Marvell Technology slips despite upbeat guidance, better-than-expected Q3 results

Investing.com - Marvell Technology on Tuesday reported upbeat guidance for the current-quarter following better-than-expected third-quarter results just as the chipmaker looks to accelerate its AI datacenter growth with acquisition of chip startup Celestial AI.

Marvell Technology Inc (NASDAQ: MRVL) fell more than 5% in afterhours trading following the report.

The chipmaker reported Q3 adjusted earnings per share of $0.76 cents on revenue of $2.08 billion, compared with estimates for $0.74 on revenue of $2.07 billion.

For Q4, the company forecast non-GAAP diluted net income per share of $0.79 at the midpoint on revenue of $2.20B, topping estimates of $0.77 on revenue of $2.17B.

Looking ahead the company sees data center revenue growth for next year now higher than prior expectations and said it expects full-year revenue growth to exceed 40%.

The company also said it had acquired Celestial AI, which further "strengthens Marvell’s position at the forefront of one of the fastest-growing opportunities in AI datacenter infrastructure.”

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