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Marvell's Revenue Falls Short

Shares fall as the company cites lower demand.


Marvell Technology

(MRVL) - Get Marvell Technology Group Ltd. Report

posted first-quarter revenue growth of 22%, but Wall Street was looking for more.

Shares of Marvell slipped in after-hours trading following the company's announcement that revenue rose to $635.1 million for the quarter ended April 28, below the Thomson Financial consensus estimate of $645.4 million.

Marvell did not report earnings data because of an ongoing probe into its stock options dating policies.

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"The growth in our Q1 revenues was limited due to an overall weaker demand environment across some of our markets" said Dr. Sehat Sutardja, Marvell's president and CEO, in a statement.

Some analysts had anticipated that sales could be weaker if electronics manufacturers switch to using solid state memory devices instead of the hard drives that are Marvell's specialty.


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, for one, has already begun shipping new iPod portable music players with solid state memory devices.

Shares fell 24 cents, or 1.4%, to $16.76 in recent extended trading.