Marvell Technology handed in quarterly results that missed Wall Street estimates, sending shares lower in after-hours trading Thursday.
The semiconductor company reported first-quarter earnings of 29 cents a share, excluding one-time items. Marvell earned 38 cents a share during the same period a year earlier. The firm reported net income of 22 cents a share.
Sales for the most recent quarter reached $802.4 million, down from $856 million last year.
The company was seen earning 30 cents a share on revenue of $826 million, according to a consensus estimate from Thomson Reuters.
Shares of Marvell slipped more than 2 percent in extended trading Thursday. Get After-Hour Quotes for Marvell Technology
Investors apparently were betting on Marvell to post strong earnings, as shares rose more than 2 percent during the regular trading session to close at $14.56. Volume exceeded 13.6 million before the closing bell.
"The results for our first quarter reflected the typical seasonality of our consumer centric end markets," said Dr. Sehat Sutardja, Marvell CEO, in a prepared statement.
"Even at this low point in the revenue cycle, we were an industry leader in profitability for both operating and cash flow margins, demonstrating the strength of our long-term business model," he continued. "We remain confident that the investments we are making such as in TD-SCDMA and SSD will result in improved results throughout the year."