MaxLinear reported Q1 net revenue of $263.9 million, up 6% sequentially and up 26% year-over-year. GAAP diluted earnings per share was $0.42, compared to diluted earnings per share of $0.35 in the prior quarter, and diluted earnings per share of $0.05 in the year-ago quarter. Non-GAAP diluted earnings per share was $1.00, compared to diluted earnings per share of $0.86 in the prior quarter, and diluted earnings per share of $0.55 in the year-ago quarter.
“In the first quarter, revenue was up 6% sequentially and up 26% year-over-year, driven by strong growth across all our markets, and in particular, our connectivity market, which grew 14% sequentially. Our Wi-Fi growth has continued to be robust as we continue to win market share based on our leading differentiated feature set. We are confident in our ability to more than double this business in 2022, and are on a firm trajectory to deliver at least $200 million of Wi-Fi revenue in 2023. Along with the market share wins, we are also making tremendous progress in continued innovation for next generation Wi-Fi 7, which will drive future growth opportunities. Cash flow from operations was approximately $134.2 million, and non-GAAP gross margin for Q1 improved to 62.8%. We are excited about our prospects for continued future growth driven by our comprehensive product portfolio, and the accelerating pace of new product launches particularly in connectivity, fiber-to-the home broadband, optical, and wireless infrastructure markets,” commented Kishore Seendripu, Ph.D., Chairman and CEO.
