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Mar 31, 2023
MaxLinear Q1 2023 Earnings Report
Announced first quarter 2023 financial results.
Key Takeaways
MaxLinear reported Q1 2023 financial results with a net revenue of $248.4 million, a GAAP gross margin of 56.5%, and a non-GAAP gross margin of 60.3%. The infrastructure revenue was $46.3 million, up 46% sequentially and 40% year-over-year.
Net revenue was $248.4 million in Q1, down 15% sequentially and down 6% year-over-year.
GAAP gross margin was 56.5%, compared to 56.2% in the prior quarter, and 58.6% in the year-ago quarter.
GAAP diluted earnings per share was $0.12, compared to $0.38 in the prior quarter, and $0.42 in the year-ago quarter.
Non-GAAP diluted earnings per share was $0.74, compared to $1.07 in the prior quarter, and $1.00 in the year-ago quarter.
Forward Guidance
The company expects net revenue in the second quarter of 2023 to be approximately $175 million to $205 million.The Company also estimates GAAP gross margin of approximately 54.5% to 57.5% and Non-GAAP gross margin of approximately 59.5% to 62.5%.
Positive Outlook
- GAAP gross margin of approximately 54.5% to 57.5%
- Non-GAAP gross margin of approximately 59.5% to 62.5%
- GAAP operating expenses of approximately $110 million to $116 million
- Non-GAAP operating expenses of approximately $79 million to $85 million
- GAAP and non-GAAP interest and other expenses each approximately $4 million
Challenges Ahead
- Net revenue in the second quarter of 2023 to be approximately $175 million to $205 million
- GAAP operating expenses of approximately $110 million to $116 million
- Non-GAAP operating expenses of approximately $79 million to $85 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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