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Sep 30, 2023
MaxLinear Q3 2023 Earnings Report
MaxLinear's financial performance declined year-over-year but infrastructure revenue increased, driven by 5G wireless backhaul platform solutions.
Key Takeaways
MaxLinear reported Q3 2023 financial results with a net revenue of $135.5 million, a decrease of 53% year-over-year. The infrastructure category, however, saw a 1% sequential increase and a 40% year-over-year increase. The company is focused on strategic business opportunities across all end markets and laying groundwork for future growth in Wi-Fi, ethernet, fiber broadband access gateways, and wireless and optical datacenter network infrastructure.
Net revenue was $135.5 million, down 26% sequentially and down 53% year-over-year.
GAAP gross margin was 54.6%, compared to 55.9% in the prior quarter.
GAAP diluted loss per share was $0.49, compared to diluted loss per share of $0.05 in the prior quarter.
Infrastructure revenue was $50.0 million in Q3, up 1% sequentially and up 40% year-over-year
Forward Guidance
The company expects net revenue in the fourth quarter of 2023 to be approximately $115 million to $135 million.
Positive Outlook
- GAAP gross margin of approximately 52.5% to 55.5%
- Non-GAAP gross margin of approximately 59.5% to 62.5%
- GAAP and non-GAAP interest and other expenses are expected to be negligible
- GAAP diluted share count of 82.5 million to 83.5 million
- Non-GAAP diluted share count of 82.5 million to 83.5 million
Challenges Ahead
- Net revenue in the fourth quarter of 2023 to be approximately $115 million to $135 million
- GAAP operating expenses of approximately $125 million to $135 million
- Non-GAAP operating expenses of approximately $72 million to $78 million
- Challenging demand environment
Historical Earnings Impact
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Avg. Return Before/After Earnings
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