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Marvell Technology Surges on $3.25B Celestial AI Deal and Robust Data Center Growth
Marvell Technology Surges on $3.25B Celestial AI Deal and Robust Data Center Growth
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BTCCSquare news:
Marvell Technology's shares soared 14% in after-hours trading following a bullish earnings report and strategic acquisition. The chipmaker posted Q3 adjusted earnings of 76 cents per share on $2.08 billion revenue, surpassing analyst estimates of 74 cents and $2.07 billion. Data center revenue—now 73% of total sales—jumped 38% year-over-year to $1.52 billion.
The $3.25 billion Celestial AI acquisition signals Marvell's bet on photonics technology to maintain its data center dominance. CEO Matt Murphy projects over 25% growth in the segment next fiscal year, outpacing Wall Street expectations. This forecast triggered a dramatic reversal from an initial 5% post-earnings dip.
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