Marvell Technology shares climb on strong 1st-quarter results, guidance
By APFriday, May 21, 2010
Marvell shares jump on solid 2Q outlook
NEW YORK — Shares of Marvell Technology Group Ltd. jumped Friday after the chip maker posted first-quarter results above Wall Street’s expectations, driven by higher sales of mobile device chips.
In a conference call with analysts, it also gave a second-quarter revenue forecast of $900 million to $930 million. This is well above the $864.8 million that analysts surveyed by Thomson Reuters are expecting.
Jefferies analyst Adam Benjamin said the company’s guidance for the second quarter was driven by strong growth in its mobile and wireless segment, “largely” from new products at BlackBerry maker Research In Motion Ltd.
The analyst said he recommends buying Marvell shares because he expects the company to gain share in the hard disk-drive market and drive mobile revenue growth through gains at Research In Motion and with the OPhone, the smart phone being developed by China Mobile Ltd.
Shares of Marvell rose $1.29, or 7.2 percent, to $19.13 in afternoon trading. The stock has traded in the 52-week range of $54.30 and $88.08.
Tags: New York, North America, Products And Services, United States
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