SiliconBeat

Marvell Technology, the Santa Clara chip maker, raised its forecast for sales in its current quarter ending Aug. 1 from a range of $540-$580 million to at least $600 million, instead, with an upside of $630 million possible, according to a press release it filed with the SEC today.

The company attributed the increase in projected revenue to “broad improvement in demand within multiple end-markets.” The sales boost is expected to allow Marvell to generate a net profit for the quarter.

Any net profit the company earns in its fiscal 2010 second quarter won’t include the effect of its paying $72 million to settle a class-action lawsuit filed against it related to backdating of options. Even though the settlement was entered into during its current fiscal 2010 second quarter, the company arbitrarily chose to add the charge to the $39.5 million loss it recorded during the previous quarter “since the litigation existed during the first quarter of fiscal 2010″, according to the company’s press release about the action.

Lest any investors get too giddy, Marvell Chief Executive tempered the good news saying in a statement, “Even with the recent pick-up in demand for our products, we encourage everyone to remain cautious of the demand environment for the next few quarters in light of what the industry has experienced in the past nine months.”