Feb 21 Chipmaker Marvell Technology Group Ltd
forecast results this quarter largely above analysts'
expectations as it gained market share in hard-disk drive and
flash storage businesses, sending its shares up 5 percent in
trading after the bell.
Marvell, whose chips are used for reading and writing data
on hard-disk drives, said it expected adjusted profit of 14
cents, plus or minus 2 cents, per share on revenue of $700
million to $740 million in the first quarter.
Analysts on average were expecting a profit of 13 cents per
share on revenue of $710.8 million, according to Thomson Reuters
Marvell's forecast is in contrast with its rival LSI Corp
, which last month forecast current-quarter revenue from
continuing operations below analysts' estimates.
Santa Clara, California-based Marvell's shares were trading
at $9.90 after closing at $9.47 on the Nasdaq on Thursday.
The company's major customers Western Digital Corp
and Seagate Technology Plc last month posted results
above analysts estimates.
Marvell's interim Chief Financial Officer Brad Feller said
on a conference call with analysts that the company would
benefit from the new Blackberry 10 smartphone,
which uses Marvell chips.
The company, which makes communications and processor
products used in mobile phones, said its results were helped by
a "North American mobile customer" during the fourth quarter.
The company's net income fell to $50 million, or 9 cents per
share, in the fourth quarter ended Feb. 2 from $81 million, or
13 cents per share, a year earlier.
Excluding items, the company earned 19 cents per share.
Revenue rose 4 percent to $775 million.
Analysts were expecting a profit of 13 cents per share on
revenue of $720.9 million.