SAN FRANCISCOChip maker Marvell Technology Group Ltd. Thursday (Dec. 3) reported revenue for the quarter ended Oct. 31 that exceeded analysts' expectations and the company's own revised sales target for the period.
Marvell (Santa Clara, Calif.) reported net sales of $803.1 million, up 25 percent sequentially and up 2 percent year-to-year. The company posted a net income in accordance with generally accepted accounting principles (GAAP) of $201.6 million, or 31 cents per diluted share. GAAP net income was up from $58.5 million, or 9 cents per diluted share, in the previous quarter and $70.9 million, or 11 cents per diluted share, for the year-ago period.
On a non-GAAP basis, excluding charges, Marvell posted a net income of $231.8 million, or 35 cents per diluted share, up 95 percent from the previous quarter and up 59 percent from the year-ago quarter.
Sehat Sutardja, Marvell chairman and CEO, noted that quarterly revenue growth exceeded revised guidance issued by the company Oct. 26. "We are very pleased with the revenue growth we experienced in the third quarter of fiscal 2010," Sehat said, in a statement.
Analysts had estimated, on average, that Marvell would report quarterly revenue of $770 million and non-GAAP earnings per share of 27 cents, according to Yahoo Finance.