MaxLinear Shares Fall 17% After Forecasting Lower 3Q Revenue

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MaxLinear Shares Fall 17% After Forecasting Lower 3Q Revenue

Dow Jones07-25

Shares of MaxLinear fell after the company forecast another decline in revenue for its third quarter.

After the bell, the stock was down almost 17%. Shares ended Wednesday's trading session at $22.29 and are down about 6% since the beginning of the year.

For its third quarter, MaxLinear expects revenue between $70 million and $90 million, down from $135.5 million in the previous year. Wall Street analysts are expecting third-quarter revenue of $112.1 million, according to FactSet.

The Carlsbad, Calif.-based integrated circuits provider after the market closed said revenue fell to $92 million in the second quarter, a 50% drop from the prior year. Analysts surveyed by FactSet expected revenue of $100.2 million.

The company posted a net loss of $39.3 million, or 47 cents a share, compared to a loss of $72.3 million, or 88 cents a share, in last year's quarter. Analysts polled by FactSet expected a per-share loss of 66 cents.

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