Reuters: Global Markets: Marvell profit beats estimates

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Marvell profit beats estimates May 17th 2012, 21:26 Thu May 17, 2012 5:26pm EDT (Reuters) - Chipmaker Marvell Technology Group Ltd's (MRVL.O) first-quarter results beat market expectations, helped by a rebound in the hard-disk market and mobile sales in China. Profit rose to $95 million, or 16 cents per share, from $81 million, or 13 cents per share last year. Excluding items, the company earned 23 cents a share, above the 20-cent profit analysts had expected, according to Thomson Reuters I/B/E/S. Marvell makes processing chips used in phones that run on the TD-SCDMA network - a technology widely used in the Chinese mobile phone market. The company said TD smartphone product sales grew about 25 percent from the fourth quarter. Revenue fell slightly to $796 million from a year ago but topped estimates of $768.7 million. The company said it will initiate a quarterly dividend of 6 cents per share and pump a fresh $500 million for share repurchases, taking its total authorization repurchases to $2.5 billion. Marvell's shares were up 4 percent in extended trading. They closed at $13.30 on the Nasdaq on Thursday.

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