Marvell Tech Soft on Sales
Marvell Technology Group (MRVL) fell short of the Street's estimate for its fourth-quarter revenue late Monday, and said it would miss the filing deadline for its 10-K because of its continuing stock-options probe.
The chipmaker said its sales totaled $622 million for the quarter, growing 27% from $489 million in the same period last year. That was shy of the $624.6 million expected by analysts.
The company did not provide any profit information for the quarter or the full year because of an internal review of its stock-options practices and accounting procedures.
Marvell did not immediately provide an outlook for the first quarter or 2008 fiscal year.Marvell said the special committee in charge of the stock-options probe has not yet completed its investigation. "The special committee is working to complete its stock option review in a timely manner; however, in light of the review, Marvell does not expect to be in a position to file its form 10-K for fiscal 2007 by the March 28, 2007 filing deadline," the company said. Marvell shares closed Monday trading down 22 cents, or 1.1%, to $19.86. After hours, the stock shed another penny to $19.85.
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