Marvell Technology Inc. (MRVL) delivered a solid earnings report for its fiscal third quarter, but investors weren't entirely impressed. Shares slid in Tuesday's after-hours session following the company's announcement of quarterly results and its acquisition of Celestial AI.

Breaking Down The Numbers

Marvell posted adjusted earnings of 76 cents per share, comfortably beating the analyst consensus of 73 cents. Revenue came in at $2.08 billion, edging past the Street's expectation of $2.07 billion and marking substantial growth from the $1.52 billion reported in the same quarter last year.

The company also revealed it's acquiring Celestial AI, though specific terms weren't disclosed in the initial announcement.

"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.

Murphy struck an optimistic tone about the road ahead: "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."

Market Reaction

Despite the earnings beat and bullish forward guidance, Marvell stock dropped 6.33% to $87.01 in extended trading. The decline suggests investors may be digesting the acquisition news or taking profits after a strong run.