Marvell Misses Deadline

It's coy on when it will file third-quarter financials.
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Marvell (MRVL) - Get Report rose modestly late Thursday after the company released a partial report for the fiscal third quarter.

Due to an internal review of possible employee stock-option backdating, Marvell released only its sales tally for the quarter ended Oct. 28. Revenue was $520.4 million, down from $574 million in the prior quarter, but up from $426 million a year ago. Analysts were looking for $517 million.

"Although we are disappointed with our sequential decline in revenue this last quarter, we remain excited about our continued strong positioning for growth as we expand our presence into many new large volume markets," CEO Sehat Sutardja said in a press release Thursday.

The chip maker has said it will have to restate some past financial reports, and said Thursday that it will not make the extended Dec. 12 filing deadline for its fiscal third quarter.

Marvell shares fell a penny to $19.61 in post-close action Thursday.