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Marvell Surges on Profit Report

The company's earnings and revenue top estimates.
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Marvell Technology

(MRVL) - Get Free Report

said third-quarter revenue jumped 34.1% from last year, and both the chipmaker's earnings and top line cruised past Wall Street's estimates.

For the third quarter ended Oct. 29, Marvell earned $93 million, or 29 cents a share, compared with net income of $43.6 million, or 15 cents a share, a year ago. Revenue rose to $426 million from $317.6 million in the previous year.

Shares of Marvell rose $2.21, or 4.4%, to $52.70 in after-hours trading.

Excluding certain costs, the Sunnyvale, Calif., company had a profit of 36 cents a share, 3 cents ahead of the consensus estimate carried by Thomson First Call. Analysts were looking for revenue of $420.8 million in the fiscal third quarter.

"We continue to experience strong growth and design activity for an increasing number of different consumer and enterprise applications," the company said Thursday. "The expanding breadth of our product portfolio as well as the growing diversity of our revenue streams allows us to build upon our consistently strong financial results."