SAN FRANCISCO--Marvell Technology Group Ltd. Thursday (Nov. 18) reported sales for its third quarter of fiscal 2010, ended Oct. 30, which were at the high-end of the company's guidance and edged consensus analysts' expectations.
Marvell (Santa Clara, Calif.) reported net revenue of $959 million, up 7 percent compared with the previous quarter and up 20 percent compared to the year ago quarter. Marvell reported a net income of $256 million in accordance with generally accepted accounting principles (GAAP), up 16 percent from the second quarter and up 27 percent compared to the third quarter of fiscal 2010.
On a non-GAAP basis, excluding charges, Marvell reported a net income of $307 million, of 45 cents per diluted share, up 12 percent from the previous quarter and up 32 percent from the year-ago quarter.
Consensus analyst expectations called for Marvell to report sales of $949.6 million and non-GAAP earnings of 43 cents per share, according to Yahoo Finance.
"We continue to make excellent progress within our mobile and wireless end market, which increased over 20 percent sequentially, and we experienced improved demand within our storage end-market as revenue increased 3 percent sequentially," said Sehat Sutardja, Marvell's chairman and CEO, in a statement. "Furthermore, we continue to deliver robust margins and significant free cash flow, which highlights the long term leverage our business model can deliver."