Marvell reveals quarterly financial results

Marvell, an integrated silicon solutions company, has reported that net revenue for the quarter ended 1 May 2010 was $856m (£596m) – a 64 per cent increase from $521m in the quarter ended 2 May 2009 and a two per cent sequential increase from $843m in the fourth quarter ended 30 January 2010.

GAAP net income was $206m, or $0.30 per share, compared with a GAAP net loss of $111m, or $0.18 per share, for the prior-year quarter and GAAP net income of $205m, or $0.31 per share, for the previous quarter.

Non-GAAP net income was $260m, or $0.38 per share, compared with non-GAAP net income of $32m, or $0.05 per share, for the prior-year quarter and non-GAAP net income of $266m, or $0.40 per share, for the previous quarter.