jumped after hours as the company posted third-quarter earnings Thursday that beat the Street's estimates by a penny.
For the quarter ended Oct. 30, Marvell reported net income of $43.6 million, or 14 cents a share, on sales of $317.6 million. The company earned $12 million, or 4 cents a share, on sales of $215.3 million in the year-ago quarter.
Excluding charges, Marvell, which makes broadband communications and storage products, earned 22 cents a share. Consensus for earnings excluding charges was for 21 cents a share and sales of $318 million.
"Q3 was another solid quarter for Marvell with record revenues, continued operating margin expansion, and solid cash flows," said CEO Sehat Sutardja.
After hours, shares of Sunnyvale, Calif.-based Marvell recently rose $2.03, or 6.7%, to $32.38. They closed the regular session up 31 cents, or 1%, to $30.35.