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Chipmaker Marvell’s profit doubles; expects pickup in mobile

21
Feb
2014

Chipmaker Marvell Technology Group Ltd reported a more-than-expected 112 percent rise in profit, helped by strong demand from storage and networking companies, and said it expected its mobile business to pick up in the current quarter. Marvell forecast first-quarter revenue between $870 and $910 million, above analysts’ average estimate of $848.94 million, according to Thomson Reuters I/B/E/S. “In the first quarter, we are expecting some revenue and unit growth for our 4G LTE mobile platform from multiple customers,” Chief Executive Sehat Sutardja said on a post-earnings conference call with analysts. Marvell said results were softer than it expected in the mobile business in the fourth quarter as some customers delayed product launches. The company, which also makes communications and processor products used in mobile phones, said net income doubled to $106.6 million, or 21 cents per share, in the quarter ended February 1 from $50.2 million, or 9 cents per share, a year earlier.

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