Marvell Technology Group (MRVL) - Get Report more than doubled its net income on sales growth of 40% as the chipmaker exceeded Wall Street's financial targets.

The Sunnyvale, Calif.-based company reported fourth-quarter net income of $54.9 million, or 18 cents a share, on sales of $340.3 million. During the same quarter last year, the chipmaker reported net income of $19.8 million, or 7 cents a share, on sales of $243.3 million.

Excluding charges, Marvell earned 24 cents a share, a penny better than most analysts expected. The consensus sales target was $337 million, according to Thomson First Call.