Marvell Technology $MRVL ( ▲ 0.26% ) slipped after hours even though the company delivered a quarter that mostly met expectations. Revenue and earnings came in slightly ahead of forecasts, and management’s Q4 outlook was almost identical to what analysts were already modeling, making the update feel more steady than surprising.
Net revenue landed at $2.075 billion with adjusted EPS of $0.76. For Q4, Marvell guided to roughly $2.2 billion in sales and $0.79 in earnings, matching the Street’s consensus with near-perfect alignment.
The headline move came from dealmaking. Marvell announced it will acquire Celestial AI, a startup that uses light to move data between chips, for at least $3.25 billion. The price could rise if Celestial hits aggressive revenue targets by fiscal 2029.
Marvell has recently benefited from the rush toward custom chips, especially as partners like Amazon tap it to support new AI hardware like Trainium3. Even with that momentum, the stock has been one of the laggards in the chip sector this year, leaving this quarter as more of a stabilizer than a breakout moment.