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Chipmaker Marvell's results beat estimates on higher demand

Thursday, 21 Nov 2013 | 4:10 PM ET

Nov 21 (Reuters) - Marvell Technology Group Ltd reported third-quarter results above market estimates, helped by strong demand for its chips that are used for reading and writing data on hard-disk and flash drives.

Marvell's net income rose to $103 million, or 21 cents per share, in the third quarter from $69 million, or 12 cents per share, a year earlier.

Excluding items, the company earned 32 cents per share.

Revenue rose 19 percent to $931.2 million.

Analysts had expected earnings of 25 cents per share on revenue of $870.6 million, according to Thomson Reuters I/B/E/S.

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