May 26, 2011 / 8:13 PM / 7 years ago

UPDATE 1-Marvell first-quarter revenue misses expectations

* Adjusted EPS $0.29

* Stock price falls after report

SAN FRANCISCO, May 26 (Reuters) - Marvell Technology Group (MRVL.O) posted first-quarter revenue of $802 million, down 6 percent and below expectations as a key smartphone chip customer struggles to compete against Apple (AAPL.O).

Marvell’s first-quarter profit was $147 million or 22 cents a share, compared with $206 million, or 30 cents a share, a year earlier. Adjusted net profit was 29 cents a share.

Analysts on average expected Marvell, whose processors are used in Research In Motion’s RIM.TO BlackBerry smartphones, to report first-quarter revenue of $825.6 million, according to Thomson Reuters I/B/E/S.

Shares of Marvell fell 2.4 percent to $14.21 in extended trading after the earnings report. The stock closed up 2.68 percent on the Nasdaq. (Reporting by Noel Randewich. Editing by Robert MacMillan)

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