Marvell Technologies

Marvell Technology (MRVL 15.11, +0.53) raised its revenue guidance for the third quarter due to what it called a "broad improvement in demand within multiple end markets."

Marvell said it currently projects net revenue for the third quarter to range from $760 million to $775 million, an increase of 19-21% sequentially from the second quarter and well ahead of the $710.57 million First Call consensus.  The company previously forecasted third quarter revenue of $680 million to $730 million.

Marvell also said it anticipates a one-time tax benefit during the fiscal third quarter as a result of the reversal of previously recorded tax reserves as a result of the expiration of the related statute of limitations. Marvell currently expects the reversal will result in a net tax benefit for the third fiscal quarter of 2010 of approximately $25 million, or approximately $0.05 per share on a GAAP basis.