This excerpt taken from the MRVL 8-K filed Jun 22, 2009.
Anticipates GAAP Net Income
Santa Clara, California (June 22, 2009) Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in storage, communications and consumer silicon solutions, today updated its financial outlook for its second quarter of fiscal 2010, ending August 1, 2009.
Marvell currently projects net revenues for the second quarter of fiscal 2010 to increase to a range of $600 million to $630 million, an increase of 15 to 21 percent sequentially from net revenue of $521 million reported for the immediately preceding quarter ended May 2, 2009. The increase in projected revenues is due to broad improvement in demand within multiple end-markets. Marvell currently anticipates generating GAAP net income as a result of improved revenue levels.
The outlook for revenue in the second quarter of fiscal 2010 was previously projected to be in a range of $540 million to $580 million, or an increase of 4 to 11 percent sequentially from the first fiscal quarter of 2010, ended May 2, 2009.
The improved revenue projection for the current quarter reflects the strength of Marvells products. We are optimistic in our near-term outlook based on the improved order rate we have experienced so far in our second quarter, which we believe generally signals some strengthening in our customers expectations for their businesses, said Dr. Sehat Sutardja, Marvell Chairman, President and Chief Executive Officer. Even with the recent pick-up in demand for our products, we encourage everyone to remain cautious of the demand environment for the next few quarters in light of what the industry has experienced in the past nine months.