Posted on Friday, May 27th, 2011 at 5:26 pm.
Marvell Technology Group reported Thursday a 30 percent decrease in its first quarter net income.
According to reports, the silicon solutions company reported a net income of $147 million for the three months ending April 30, a 28.6 percent decrease from the first quarter of 2010. Adjusted to exclude one time benefits, profits fell 27.3 percent to $189 million, or $0.29 per share.
Marvell’s sales were impacted as its biggest handset customer, RIM, is selling more phones in growing markets. The wireless business also took a hit by a seasonal fall in chip demand after the holidays.
“The results for our first quarter reflected the typical seasonality of our consumer centric end markets,” said Dr. Sehat Surtardja, CEO of the Hamilton, Bermuda-based company. Surtardia said Marvell expects a better second quarter with revenue of approximately $900 million, representing an 10 percent sequential boost.
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