MaxLinear, Inc. (NASDAQ:MXL) reported worse-than-expected second-quarter financial results on Wednesday.
MaxLinear reported a quarterly loss of 25 cents per share which missed the analyst consensus estimate of 19 cents per share. The company reported quarterly sales of $91.990 million which missed the analyst consensus estimate of $100.044 million, according to data from Benzinga Pro.
"In conclusion, we are excited and confident in our progress in the infrastructure market with our wireless and optical interconnect products, even as we await a broadband recovery," said Kishore Seendripu, PhD, Chairman and CEO. "In addition, our Ethernet, storage, Wi-Fi7, and fiber PON gateway products are all in the market today addressing additional new TAM, have strong customer traction, and are poised for meaningful growth. We are optimizing our efforts around these opportunities, which will be transformative for our future business while driving maximum value for our customers and shareholders."
MaxLinear said it sees third-quarter revenue of $70 million to $90 million, versus estimates of $100.044 million.
MaxLinear shares dipped 30.5% to trade at $15.50 on Thursday.
These analysts made changes to their price targets on MaxLinear following the announcement.
- Benchmark analyst David Williams maintained MaxLinear with a Buy rating, while cutting the price target from $28 to $22.
- Susquehanna analyst Christopher Rolland maintained the stock with a Positive rating, while slashing the price target from $30 to $26.
- Craig-Hallum analyst Richard Shannon maintained MaxLinear with a Hold rating, while lowering the price target from $38 to $28.
- Northland Capital Markets analyst Tim Savageaux maintained the stock with an Outperform rating, while lowering the price target from $30 to $25.
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Needham analyst Quinn Bolton downgraded MaxLinear from Buy to Hold.