Marvell (MRVL) Tops Q1 Views on Smartphone Products, Mobile Storage; Initiates Dividend. Boost Buyback

May 17, 2012 4:34 PM EDT
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Price: $14.47 --0%

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Marvell Technology Group (Nasdaq: MRVL) shares are trading higher Thursday evening following solid first-quarter 2013 numbers, issued after the market closed.

Revenue for the technology giant fell 0.8 percent to $796.35 million, besting views calling for a more modest $767.9 million. Net income slipped 35.6 percent to $94.54 million, or 16 cents per share, topping expectations by 2 cents.

CEO Dr. Sehat Sutardja attributed the beat in part to TD smartphone products as well as further deployment of Marvell's 500 GB per platter mobile storage solutions.

No guidance was issued by Marvell, though the company said it increased its buyback plan by $500 million and also initiated a quarterly dividend at 6 cents per share. At the stocks current trading level, the annual yield would come out to about 1.8 percent.

Shares of Marvell are up over 3 percent in late trading.

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