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Sep 30, 2022
MaxLinear Q3 2022 Earnings Report
Announced third quarter 2022 financial results with record revenue and strong growth in connectivity segment.
Key Takeaways
MaxLinear reported record net revenue of $285.7 million, a 2% increase sequentially and a 24% increase year-over-year. The company's connectivity revenue, driven by Wi-Fi products, reached $83 million, up 46% sequentially and 118% year-over-year. GAAP diluted earnings per share was $0.35, compared to diluted earnings per share of $0.40 in the prior quarter, and diluted earnings per share of $0.12 in the year-ago quarter. Non-GAAP diluted earnings per share was $1.05, compared to diluted earnings per share of $1.11 in the prior quarter, and diluted earnings per share of $0.75 in the year-ago quarter.
Record net revenue of $285.7 million, up 2% sequentially and 24% year-over-year.
GAAP gross profit of $167.5 million and non-GAAP gross profit of $177.1 million were achieved.
Connectivity revenue reached $83 million, demonstrating substantial sequential and year-over-year growth.
Company is on track to deliver at least $200 million of Wi-Fi revenue in 2023.
Forward Guidance
The company expects revenue in the fourth quarter 2022 to be approximately $285 million to $295 million.
Positive Outlook
- GAAP gross margin of approximately 55.5% to 58.5%
- Non-GAAP gross margin of approximately 59% to 62%
- GAAP operating expenses of approximately $114 million to $120 million
- Non-GAAP operating expenses of approximately $77 to $83 million
- GAAP and non-GAAP interest and other expense of approximately $5 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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