MaxLinear reported Q3 net revenue of $80.0 million, down 3% sequentially, and down 6% year-on-year. GAAP gross margin was 52.4%, compared to 53.4% in the prior quarter, and 51.6% in the year-ago quarter. GAAP loss from operations was 4% of revenue, compared to loss from operations of 4% in the prior quarter, and loss from operations of 15% in the year-ago quarter. Non-GAAP income from operations was 25% of revenue, compared to 24% in the prior quarter, and 21% in the year-ago quarter. Non-GAAP diluted earnings per share was $0.23, compared to diluted earnings per share of $0.22 in the prior quarter, and diluted earnings per share of $0.19 in the year-ago quarter.
“In the third quarter, revenue results were in line with our guidance, gross margin remained solid, and operating expenses declined on disciplined execution. We also generated more than $21 million in cash from operations. We are focused on delivering our new 5G wireless radio and fiber-optic datacenter high-speed interconnect products as we expand into new large, high-growth infrastructure markets,” commented Kishore Seendripu, Ph.D., Chairman and CEO.
“We are excited to confirm our first 5G wireless radio-platform design-win at a tier-1 wireless OEM for our industry leading 14nm CMOS 4×4 Quad RF transceiver system-on-chip solution. Early customer evaluation feedback across major OEMs confirms that we are hitting the mark on the feature sets required by this demanding market. We are on track to see initial revenues in 2020 for the 5G market enabled by significant content increases per base station. In early 2020, we also expect production adoption of our 100 gigabit and 400 gigabit PAM4 DSP SoCs in the hyperscale data center market.” continued Dr. Seendripu.
