Q2 2024 Maxlinear Inc Earnings Call Transcript
Key Points
- MaxLinear Inc (MXL) reported Q2 revenues of $92 million with a non-GAAP gross margin of 60.2%.
- The company is on track to exceed the high end of its expected optical revenue target range of $10 to $30 million for 2024.
- MaxLinear Inc (MXL) has launched several new products in high-value markets, including optical data center interconnect, enterprise Ethernet, and 5G wireless.
- The company expects strong profitability growth as new products ramp up and R&D investment starts to moderate.
- Channel inventory continues to come down and is expected to bottom in the second half of the year, indicating a potential recovery.
- Broadband demand remains weak due to prolonged excess customer inventory buildup during the supply chain crisis.
- Telecom market softness is exacerbated by US-China tensions and regulatory compliance requirements, impacting shipments and Q2 results.
- Total revenue for Q2 was down 3% from the previous quarter, indicating ongoing challenges.
- Q3 revenue guidance is between $70 million and $90 million, reflecting continued uncertainty and potential declines in key markets.
- GAAP operating expenses for Q2 were high at $91 million, with non-GAAP operating expenses at $74.8 million, indicating significant cost pressures.
Greetings, and welcome to the Maxlinear second-quarter 2024 earnings conference call. (Operator instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Leslie Green, Investor Relations. Thank you. Leslie, you may begin.
Thank you, Lisa. Good afternoon, everyone, and thank you for joining us on today's conference call to discuss Maxlinear's second-quarter 2024 financial results. Today's call is being hosted by Dr. Kishore Seendripu, CEO; and Steve Litchfield, Chief Financial Officer and Chief Corporate Strategy Officer. After our prepared comments, we will take your questions.
Our comments today include forward-looking statements within the meaning of applicable securities laws, including statements relating to our guidance for the third quarter of 2024 included revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, GAAP and non-GAAP interest and other expense and GAAP and non-GAAP diluted share count.
In addition, we
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