Marvell Tech net income up 18% as sales surge
May 18, 2006 16:37:00 (ET)
SAN FRANCISCO (MarketWatch) -- Marvell Technology Group Ltd. late Thursday reported its quarterly net income rose more than 18% from a year ago as sales of its chips for Internet networking gear and consumer electronic devices surged.
Marvell Tech reported fiscal first-quarter net income of $75.3 million, or 23 cents a share, versus net income of $63.5 million, or 20 cents a share, in the year-ago period.
Sales surged about 43% to $521.2 million -- higher than the analysts' estimate of $517 million, according to Thomson First Call.
Sunnyvale, Calif.-based Marvell Tech (MRVL, Trade) makes chips for hard-disk drives and Internet networking gear used to power personal computers, servers, and consumer electronic gadgets. Its chips perform a wide range of chores, including data storage and wireless connectivity.
The company has been boosting its product line, making three acquisitions in the past nine months. It most recently paid $240 million in cash for Avago Technologies' printer-chip business. The deal gives Marvell Tech an entry into the laser and inkjet printer markets |
