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Marvell Tech posts $71 million profit in 2Q

August 28, 2008
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SANTA CLARA, Calif.,—Chip maker Marvell Technology Group Ltd. on Thursday reported second-quarter earnings that beat Wall Street expectations, as it boosted sales while keeping expenses in check.

The Santa Clara-based company earned $71.4 million, or 11 cents per share for the quarter that ended Aug. 2. That compared to a loss of $56.5 million, or 10 cents per share, in the same quarter last year.

Sales rose 28 percent to $842.6 million from $656.7 million a year ago .

Excluding the cost of stock-based compensation and some acquisition-related charges, earnings were 24 cents per share in the latest quarter. Analysts polled by Thomson Reuters had expected earnings of 21 cents per share on a comparable basis, and $834 million in revenue.

In extended trading, after the release of the results, Marvell shares were down 21 cents at $14.55.

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