SAN FRANCISCOMarvell Technology Group Ltd. Monday (Oct. 26) boosted its sales target for the quarter ending Oct. 31, saying the company now expects revenue to be up 19 to 21 percent compared with the previous quarter.
Marvell (Santa Clara, Calif.) said it expects revenue for the third quarter to be between $760 million and $775 million.
The company had previously said it expected revenue for the quarter to be between $680 million and $730 million.
The increase in projected revenue is due to broad improvement in demand within multiple end markets, Marvell said.
Marvell said it also anticipates a one-time tax benefit in the third quarter due to the reversal of previously recorded tax reserves as a result of the expiration of the related statute of limitations. Marvell expects the reversal will result in a net tax benefit for the third fiscal quarter of approximately $25 million, or about 5 cents per share in accordance with generally accepted accounting principles.