Marvell Technology Net Rises 59% on Cost Controls and Demand Uptick (MRVL)
by Chip Brian
12/4/2009-Shares of Marvell Technology (NASDAQ:MRVL) jumped 9% higher at Friday's open after the chip-maker posted a surprisingly large increase in its quarterly profit, which it attributed to stronger demand across its key markets.
The semiconductor reported fiscal Q3 EPS of $0.35, ex-items, topping consensus estimates of $0.27.
Revenues in the quarter rose 1.5% year-over-year to $803.1 million, and came in ahead of consensus estimates of $767.6 million.
Meanwhile, the Santa Clara, California-based company said it expects current quarter EPS of $0.33-$0.39 (vs. consensus estimates of $0.26) on sales of $820 million - $850 million (vs. consensus estimates of $779.7 million).
Chief Executive Officer Sehat Sutardja said the company's sequential revenue gain was better than expected "as order momentum improved across all our addressable end-markets."