Marvell Ups Sales Outlook on Better Demand

SANTA CLARA, Calif. (TheStreet) -- Marvell Technology (MRVL Quote) expects third-quarter net revenue to rise 19% to 21% sequentially because of improving demand in multiple end markets.

The chipmaker projects net revenue for the third quarter ending Oct. 31 of $760 million to $775 million from second-quarter net revenue of $641 million.

Marvell previously expected third-quarter revenue of $680 million to $730 million, or an increase of 6% to 14% sequentially.

Marvell said it anticipates a one-time tax benefit of $25 million, or 5 cents a share, during the fiscal third quarter from the reversal of previously recorded tax reserves.

Analysts surveyed by Thomson Reuters expect Marvell to earn 22 cents a share on revenue of $710.6 million.

-- Reported by Joseph Woelfel in New York .

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