July 14, 2024

Business Briefing | Telecom: Earnings Outlook Lifts Shares of Marvell Technology

The Marvell Technology Group gave a positive earnings forecast and said sales of smartphone chips in China were beginning to improve, setting off an 11 percent gain in its share price. Marvell is racing to expand its smartphone chip sales in China as competition from rivals intensifies and as a major client, Research in Motion, faces pressure from Apple. Marvell said current-quarter revenue would be $870 million to $910 million, equivalent to an 11 percent increase from the previous quarter. The average analyst estimate is $875 million. The company forecast earnings of about 37 cents a share, above the 33.5 cents expected by analysts. Stock in Marvell, which is based in Hamilton, Bermuda, rose $1.61, to $16.17 a share.

Article source: http://feeds.nytimes.com/click.phdo?i=01def944021f9b00e389db6b9d012724

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