Marvell Technology Jumping 10% On Strong Outlook

Marvell Technology Group Ltd. MRVL shares are jumping this morning, gaining more than 10% after the semiconductor company offered a rosy outlook for the second quarter. The company reported earnings of 22 cents per share on $802 million in revenues. Wall Street had been expecting earnings of 30 cents per share on $825.6 million. The company said second quarter earnings were likely to come in better than expected, thanks in large part to strong demand from China. "In the mobile area, in addition to continuing revenues from existing customers ... we expect to benefit from strong growth in branded and non-branded TD (standard) handsets in China," Chief Financial Officer Clyde Hosein told analysts on a conference call. "We have seen the benefits of our early investments in TD." Marvell said it expects revenues to come in at $870-$910 million, better than the $875 million Wall Street expects. Earnings are expected to come in at 37 cents per share, versus estimates of 33.5 cents per share. At last check, shares of Marvell were up $1.64 to $16.20, up 11%.