Marvell Technology Group Falls on Q1 Results

Shares of Marvell Technology Group MRVL are falling in the after-hours trade following the release of its Q1 earnings release. Currently, shares are off by 2.88%, at $14.14; they closed the regular session higher by 2.68%, at $14.56. Marvell Technology Group reported Q1 EPS of $0.29 on revenues of $802.4 million. Gross margin was 58.5%. Cash flow from operations for the first quarter of fiscal 2012 was $177 million, down from the $256 million in the first quarter of fiscal 2011 and down from the $251 million reported in the fourth quarter of fiscal 2011. "The results for our first quarter reflected the typical seasonality of our consumer centric end markets," said Dr. Sehat Sutardja, Marvell's Chairman and Chief Executive Officer. "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. We remain confident that the investments we are making such as in TD-SCDMA and SSD will result in improved results throughout the year."