Marvell Technology Group reported record quarterly revenue of $297.2 million, an increase of 54% over net revenue of $192.9 million for the same period last year and a 10% sequential increase from net revenue of $269.6 million in the preceding quarter. Net income (GAAP) was $28.6 million, or $0.10 per share (diluted), compared with a net income under GAAP of $9.4 million, or $0.03 per share (diluted) for the same period a year earlier.
The period marked the 27th consecutive quarter of sequential revenue growth for Marvell. Also, the 10% sequential increase in quarterly revenue was Marvell's 11th consecutive quarter where sequential revenue growth was at least 10%. The company highlighted several areas of strong growth:
- the adoption of WLAN into consumer electronic devices. During the quarter, Marvell expanded its list of design wins into high volume applications such as cellular handsets, gaming devices, digital cameras, MP3 players, PDAs and emerging home entertainment multimedia client devices. Marvell expects to commence volume shipment into such emerging applications in the third quarter including initial shipments of its 802.11solution into a major consumer gaming application. Also, a number of Marvell's WLAN design wins for cellular handsets have now commenced the field trial stage this summer.
- introduced a 60 Gbps single chip solution. The new Prestera devices, which utilize the Marvell distributed switching architecture, feature security, advanced QOS and full integrated support for
IPv6. The company said its entire Prestera product family continues to enjoy strong revenue growth and design wins for infrastructure switching applications across all market segments from the SMB to large scale Enterprise. - storage electronics for the hard disk drive market. During the quarter, Marvell enjoyed continued solid revenue growth from market share gains in the traditional hard disk drive market.
- during the quarter, Marvell also commenced volume shipments of its All-into-1 and LiveAP WLAN solutions that were just introduced earlier this year. The technology allows the integration of many WLAN functions into a single device that were previously separate functions handled by multiple devices.
