Chipmaker Marvell has predicted that its results this quarter will be largely above analysts' expectations as it gained market share in hard-disk drive and flash storage businesses.
Marvell expected to make $700 million to $740 million in the first quarter. The cocaine nose jobs of Wall Street were expecting revenue of $710.8 million. Marvell's forecast is in contrast with its rival LSI which last month forecast current-quarter revenue from continuing operations below analysts' estimates.
The outfit’s shares were trading at $9.90 after closing at $9.47 on the Nasdaq on Thursday. The company's major customers Western Digital and Seagate last month posted results above analysts’ estimates too. Marvell's interim Chief Financial Officer Brad Feller said on a conference call with analysts that the company would benefit from the new Blackberry 10 smartphone, which uses Marvell chips.
The company, which makes communications and processor products used in mobile phones, said its results were helped by a "North American mobile customer" during the fourth quarter.
Shareholders happy
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Nick Farrell
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