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Jun 30, 2023
MaxLinear Q2 2023 Earnings Report
MaxLinear's financial performance declined due to challenging demand environment.
Key Takeaways
MaxLinear reported a net revenue of $183.9 million for Q2 2023, a decrease of 26% sequentially and 34% year-over-year. Despite the challenging demand environment, the infrastructure category grew by 6% sequentially and 37% year-over-year, driven by the expansion of multi-band millimeter wave and microwave 5G wireless backhaul platform solutions.
Net revenue was $183.9 million, down 26% sequentially and 34% year-over-year.
GAAP gross margin was 55.9%, compared to 56.5% in the prior quarter.
GAAP diluted loss per share was $0.05, compared to diluted earnings per share of $0.12 in the prior quarter.
Infrastructure revenue increased 6% sequentially and 37% year-over-year.
Forward Guidance
The company expects net revenue in the third quarter of 2023 to be approximately $125 million to $155 million.
Positive Outlook
- GAAP gross margin of approximately 53.0% to 56.0%
- Non-GAAP gross margin of approximately 59.5% to 62.5%
- GAAP operating expenses of approximately $104 million to $110 million
- Non-GAAP operating expenses of approximately $75 million to $81 million
- GAAP and non-GAAP interest and other expenses each approximately $5 million
Challenges Ahead
- Net revenue in the third quarter of 2023 to be approximately $125 million to $155 million
- GAAP gross margin of approximately 53.0% to 56.0%
- Non-GAAP gross margin of approximately 59.5% to 62.5%
- GAAP operating expenses of approximately $104 million to $110 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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