Maxlinear plunges after Q2 rev, forecast miss

MaxLinear

25/07/2024 14:22

** Maxlinear's  MXL.O  shares down 30.7% premarket to $15.44
after integrated circuits provider's qtrly report disappoints
    ** MXL shares set to open at lowest since early Nov
    ** Co late Weds posted Q2 rev of $92 mln, down 50% yr/yr,
missing LSEG estimate of $100 mln
    ** It sees Q3 rev of $70-$90 mln, down from $135.5 mln a
year ago
    ** Analysts were calling for Q3 rev of ~$115.7 mln, per LSEG
    ** Roth MKM says reported and below-consensus rev guidance
reflecting continued muted broadband and wireless infrastructure
demand, being exacerbated by persistent inventory digestion
impact that is now expected through remainder of CY24
    ** Needham downgrades MXL to "hold" from "buy", while at
least 4 brokerages including Deutsche Bank and Susquehanna cut
PTs
    ** Avg rating among 11 analysts is "buy" and median PT is
$23.50 - LSEG
    ** Through Weds, MXL shares lost 6% YTD. Stock closed at $34
a year ago

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))