MaxLinear (MXL) Soars to 4-Year High on Robust Chip Market

MaxLinear Inc. (NASDAQ:MXL) is one of the 10 Stocks Notching Impressive Double-Digit Gains.

MaxLinear soared to a fresh four-year high on Wednesday, as investors resumed buying positions in semiconductor stocks, thanks to the highly optimistic outlook for the industry further strengthened by strong earnings performance from key players.

At intra-day trade, the stock surged to a record high of $71.25 before paring gains to finish the session just up by 29.82 percent at $67.52 apiece.

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Optimism remained bolstered by its 43-percent growth in revenues in the first quarter of the year, at $137 million versus the $95.9 million in the same period a year earlier.

It also narrowed its net loss by 9.45 percent to $45 million from $49.7 million year-on-year.

MaxLinear Inc. (NASDAQ:MXL) Chairman and CEO Kishore Seendripu pointed to the strong momentum for optical data center connectivity as having bolstered the company’s earnings performance for the period.

“Revenue grew 43 percent year over year, with infrastructure growing more than 130 percent to become our largest end market. This was driven primarily by strong execution and production ramps of our optical data center products at multiple hyperscale customers across scale-up and scale-out AI platforms,” he said.

Following the results, MaxLinear Inc. (NASDAQ:MXL) said that it is now at a clear inflection point in its optical data center business, marked by a step function increase in second-quarter revenues.

For the April to June period, the company is targeting to grow its revenues by 47 percent to 56 percent to a range of $160 million to $170 million, versus $108.8 million in the same period last year.

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