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MaxLinear Inc. (NASDAQ:MXL) is one of the 10 High-Flying Stocks With Double-Digit Returns.
MaxLinear climbed for 13 straight days on Friday, to propel its share price to a fresh four-year high, after posting a strong earnings performance for the first three months of the year and an upbeat outlook for the second quarter.
In intra-day trading, MaxLinear Inc. (NASDAQ:MXL) climbed by as much as 85 percent to a record high of $63.52, before paring gains to end the session just up by 76.12 percent at $60.32 apiece.
Photo from MaxLinear website
This followed a 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. Net loss narrowed 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 its 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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