Stock Track | MaxLinear Soars After-Hours as Q3 Revenue Tops Estimates

Stock Track10-24

Shares of MaxLinear Inc. (NASDAQ: MXL) surged nearly 8% in extended trading on Tuesday after the company reported better-than-expected revenue for the third quarter, despite missing earnings estimates.

The semiconductor company posted revenue of $81.1 million for the quarter ended September 30, beating Wall Street's consensus estimate of $79.87 million. However, MaxLinear reported an adjusted loss of $0.36 per share, wider than analysts' expectations of a $0.32 loss.

The top-line beat appears to be the key factor driving the after-hours rally, as investors cheered the resilience of MaxLinear's revenue amid challenging macroeconomic conditions. The company said it is seeing "encouraging signs of recovery" in its business, with demand improving across its core markets.

"We are pleased to see encouraging signs of recovery in our business, including another quarter of solid sequential revenue growth," said Kishore Seendripu, CEO of MaxLinear. "Our focus remains on prudent expense management while continuing to invest in strategic growth areas to drive long-term shareholder value."

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