MaxLinear reported net revenue of $125.4 million, down 8% sequentially and down 57% year-over-year. Non-GAAP diluted earnings per share was $0.01, compared to $0.02 in the prior quarter, and $1.07 in the year-ago quarter.
For the full Fiscal Year 2023, MaxLinear reported net revenue of $693.3 million, down 38% over fiscal 2022. GAAP gross margin was 55.6%, down from 58.0% in the prior year, and non-GAAP gross margin was 60.8%, down from 61.6% the prior year.
“As we look ahead, we believe 2024 will be the start of an exciting period of growth and opportunity for MaxLinear. Market headwinds of the past year in broadband and connectivity are likely to become tailwinds over time when customer inventory rationalization winds down and incentive programs begin to provide new market stimulus. Most importantly, the investments we made in product innovations in wireless and optical datacenter network infrastructure, Wi-Fi, ethernet, and fiber broadband access gateways are beginning to open up new and significant revenue opportunities that are expected to drive our growth for many years to come,” commented Kishore Seendripu, Ph.D., Chairman and CEO.
