Chipmaker MaxLinear (MXL) late Wednesday beat Wall Street’s targets for the third quarter and guided higher for the current period. MXL stock rose in extended trading.
The Carlsbad, Calif.-based company earned an adjusted 75 cents a share on sales of $229.8 million in the September quarter. Analysts expected MaxLinear earnings of 67 cents a share on sales of $223.9 million, according to FactSet. On a year-over-year basis, MaxLinear earnings jumped 134% while sales climbed 47%. It was the company’s fourth straight quarter of triple-digit earnings growth.
On Oct. 12, MaxLinear previewed better-than-expected sales and profit margins in a news release.
For the current quarter, MaxLinear expects to generate sales of $240 million to $250 million. The midpoint of $245 million tops analyst estimates for $228.8 million, according to FactSet.
MaxLinear Seeing Solid Demand
MaxLinear is a leading provider of radio-frequency, analog, digital and mixed-signal integrated circuits.
In the third quarter, MaxLinear saw “solid demand” for its broadband access, connectivity and high-performance analog products, Chief Executive Kishore Seendripu said in a written statement.
“We remain focused on improving the supply chain constraints to meet the strong and growing market demand for our connectivity, broadband, and infrastructure products in the short and long term,” Seendripu said.
MXL Stock In Cup Base
In after-hours trading on the stock market today, MXL stock rose 6.3%, near 55. During the regular session Wednesday, MXL stock slipped 1.4% to 51.72.
The red-hot fabless chipmaker group currently ranks third out of 197 industry groups that IBD tracks.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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