Marvell Posts Revenue of $796 Million, up 7% Sequentially

Marvell Technology Group reported revenue of $796 million for the quarter ending 20-April-2012, a 7 percent sequential increase from $743 million in the preceding quarter and down slightly from $802 million in the same period a year ago. GAAP net income for the quarter was $95 million, or $0.16 per share (diluted), compared with GAAP net income of $81 million, or $0.13 per share (diluted), for the preceding quarter, and $147 million, or $0.22 per share (diluted), for the same period last year.

"Our results in the first quarter were better than anticipated driven in part by our TD smartphone products, which grew about 25% sequentially and increased deployment of our 500 gigabyte per platter mobile storage solutions to all the hard disk drive manufacturers," said Dr. Sehat Sutardja, Marvell's Chairman and Chief Executive Officer. "This financial performance gave us the confidence to increase our share repurchase program by $500 million to a total of $2.5 billion, and based on broad institutional shareholder request, to also initiate a quarterly dividend of 6 cents per share."