Marvell Profit Beats Estimates, but Shares Tumble

Marvell Technology posted a quarterly profit that exceeded analysts' expectations on Thursday, but shares fell in late trading.

The semiconductor firm reported fourth-quarter earnings of 40 cents a share, excluding one-time items. Marvell earned 5 cents a share during the same period a year earlier.

Sales for the most recent quarter rose to $842.5 million, up from $513 million last year.

The company was seen earning 37 cents a share on revenue of $842 million, according to a consensus estimate from Thomson Reuters.

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Shares of Marvell tumbled more than 6 percent in extended trading Thrusday.

The shares rose to close at $20.13 in the regular New York Stock Exchange session. Volume exceeded 21 million shares before the closing bell.

"The results for our fourth quarter and fiscal year bring to a close one of the most challenging but successful years for Marvell," said Sehat Sutardja, CEO of Marvell in a prepared statement. "We believe it is important to aggressively invest in our employees and product development to allow Marvell to continue to deliver solutions that enable our customer's success."