Marvell Technology Group
topped its financial targets for the first quarter due to strong demand for its broadband and storage semiconductors.
The company reported earnings of $63.5 million, or 20 cents a share, on sales of $364.8 million. During the same quarter last year, Marvell earned $14.5 million, or 5 cents a share, on sales of $269.6 million.
Excluding charges, Marvell earned 27 cents a share in the latest quarter. Analysts had expected earnings excluding charges of 25 cents a share and sales of $361 million, on average, according to Thomson First Call.
According to a statement, Marvell cited strong momentum across all markets. Shares of the Sunnyvale, Calif.-based company rose to $39.11 in late trading after closing the regular session off nominally to $38.52.