MaxLinear Q2 revenue increased 36% year-on-year with strong demand for fiber broadband and 5G markets
CARLSBAD, Calif., July 27, 2022 -- MaxLinear Corporation (Nasdaq: MXL ), a leading supplier of radio frequency, analog, digital and mixed-signal integrated circuits, today announced its second-quarter results as of June 30, 2022. quarterly financial results.
❶ Second Quarter Financial Highlights
◆Sales revenue was $280 million, up 6% sequentially and up 36% year-over-year.
◆GAAP gross margin was 58.7%, compared to 58.6% in the last quarter and 54.8% in the same period last year. Non-GAAP gross margin was 62.3%, compared to 62.8% in the previous quarter and 60.2% in the same period last year.
◆GAAP earnings per diluted share were $0.40, compared to $0.42 in the prior quarter and $0.01 in the year-ago period. Non-GAAP earnings per diluted share were $1.11, compared with $1.00 in the prior quarter and $0.53 in the year-ago period.
❷ Market performance by application
◆Sales revenue from the broadband market was US$139 million, a year-on-year increase of 23.4%, mainly from gateway products.
◆Sales revenue from the connectivity market was $56.0 million, an increase of 80.2% year-over-year, primarily due to the company's improved supply and higher shipments of MoCA products, as well as higher Wi-Fi and Ethernet revenue.
◆Sales from the infrastructure market were $36 million, up 22.2% year-over-year, primarily due to higher shipments of high-performance analog, MoCA last-mile access, and wireless access products.
Revenue from industrial and multimarket sales was $49 million, an increase of 52.2% year-over-year, primarily due to increased shipments of components and high-performance analog products.
◆Management comments
Dr. Kishore Seendripu , Chairman and CEO of MaxLinear commented: "Second quarter sales revenue increased 6% quarter-on-quarter and 36% year-on-year, driven by strong demand across all product portfolios. In particular, fiber gateway access, Wi-Fi and Wireless infrastructure continues to drive solid revenue growth. Driven by differentiated Wi-Fi6 capabilities, our connectivity business sales revenue increased by nearly 80% year-on-year, and we are on a firm track to reach at least $200 million in 2023 We are excited about our upcoming merger with Silicon Motion, future growth opportunities in our comprehensive product portfolio, and an accelerated pace of new product launches."
❸ Outlook for the third quarter
Future sales revenue will fluctuate based on changing customer demand for existing products, the pace of adoption of new products and macroeconomic conditions, MaxLinear said. In addition, the company's sales revenue may experience greater volatility due to increased volatility and uncertainty in customer demand due to the COVID-19 pandemic, as well as supply uncertainty due to a global shortage of semiconductor chips. MaxLinear currently expects sales revenue to be approximately $280 million to $290 million in the third quarter of 2022, with a GAAP gross margin of approximately 57.5% to 60.5% and a non-GAAP gross margin of approximately 60.5% to 63.5%.
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