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Marvell profit beats street on revenue rise

SAN FRANCISCO
Thu Aug 28, 2008 4:41pm EDT

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SAN FRANCISCO (Reuters) - Diversified U.S. chipmaker Marvell Technology Group Ltd (MRVL.O) posted better-than-expected profit on Thursday as revenues grew strongly in the second quarter.

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The company reported second-quarter net income of $71.4 million, or 11 cents per share, compared with a net loss of $56.5 million, or 10 cents per share, in the year-ago period.

Non-GAAP profit quadrupled to 24 cents a share.

Revenue rose 28 percent to $842.6 million from $656.7 million a year earlier.

Wall Street analysts had been expecting Marvell to post non-GAAP profit of 21 cents a share on revenue of $836 million, according to Reuters Estimates.

"The results for our second quarter were better than we had anticipated," said Dr. Sehat Sutardja, Marvell Chairman and Chief Executive Officer in a statement.

"We also continued to realize recurring benefits from our improved efficiency."

(Reporting by Yinka Adegoke; Editing by Gary Hill and Andre Grenon)
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