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Marvell Technology Q1 Net Income Up 19 Pct

Diversified microchip maker Marvell Technology Group Ltd. has posted a 19 percent rise in its first quarter earnings. Its net income rose USD 75.3 million, or 23 cents a share, from USD 63.5 million, or 20 cents a share, a year earlier.

Excluding special items such as stock-based compensation, earnings rose to USD 141.1 million, or 44 cents per share, from USD 84.2 million, or 27 cents per share, a year earlier. Wall Street analysts on average were expecting 42 cents a share, according to Reuters Estimates.

Revenue for the quarter rose 43 percent to USD 521.2 million and was higher than the average Wall Street forecast of USD 516.7 million.
Sehat Sutardja, Marvell’s President and CEO said, "We are having strong success in driving the adoption of our advanced technologies into a number of exciting high volume Consumer and Enterprise markets."

Chief Financial Officer George Hervey said on a conference said that the company expects second-quarter revenue of between USD 80 million and USD 585 million, higher than the average analyst estimate of USD 548.6 million.

Organic revenue would be USD 550 million to USD 555 million, with USD 30 million more expected from a recently acquired business making chips for printers, Hervey said.


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