Wednesday, November 17, 2010

Marvell Posts Revenue of $959 million, up 20% YoY

Marvell Technology Group reported Q3 net revenue of $959 million, a 20 percent increase from $803 million in the same period last year, and an 7 percent sequential increase from $896 million. GAAP net income was $256 million, or $0.38 per share (diluted), compared with a GAAP net income of $202 million, or $0.31 per share (diluted), last year.

"We delivered excellent results, which were at the high-end of our original guidance for the third quarter," said Dr. Sehat Sutardja, Marvell's Chairman and Chief Executive Officer. "We delivered significant long term growth in all of our target end-markets. We continue to make excellent progress within our mobile and wireless end market, which increased over 20 percent sequentially, and we experienced improved demand within our storage end-market as revenue increased 3 percent sequentially. Furthermore, we continue to deliver robust margins and significant free cash flow, which highlights the long term leverage our business model can deliver."