Marvell Technology Shares Jump on Positive Outlook, Share Buyback
Marvell's earnings nearly quadrupled in the quarter. Net income for fiscal second quarter 2011 ended July 31 rose to $219.8 million, or 33 cents a share, from $58.5 million, or 9 cents a share, a year earlier. Adjusted earnings were 40 cents per share, which matched analyst estimates.
Revenue rose 40% to $896.5 million from $640.6 million last year, a bit shy of the revenue of $906.6 million that analysts expected. Marvell reported a 140% growth in its mobile and wireless end market compared to the same quarter a year ago, and 30% growth in the networking end market.
The chipmaker, which said its inventory correction is largely behind it, projected third-quarter earnings of 41 cents to 44 cents on revenue of $930 million to $970 million. Analysts are looking for 40 cents a share on $945.7 million in revenue, according to Thomson Reuters.