Marvell shares up after Street-beating 1Q profit

Chip maker Marvell Technology Group Ltd. said Thursday that it posted a first-quarter net profit, reversing a loss, boosted by higher sales of mobile device chips.

Net income in the three months to May 1 came to $205.8 million, or 30 cents per share, after a loss of $111.5 million, or 18 cents per share, a year earlier.

Revenue rose to $855.6 million from $521.4 million.

Adjusted to exclude one-time charges related to stock-based compensation, acquisitions, restructuring and other items, adjusted earnings came to 38 cents per share.

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- Posted: 2010-05-20 21:45:02

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