MaxLinear reported Q3 net revenue og $135.5 million, down 26% sequentially and down 53% year-over-year. Non-GAAP gross margin was 60.8%. This compares to 61.0% in the prior quarter, and 62.0% in the year-ago quarter. Non-GAAP diluted earnings per share was $0.02, compared to $0.34 in the prior quarter, and $1.05 in the year-ago quarter.
“Even as we navigate a challenging demand environment with fiscal discipline and operational efficiency, our solid execution and innovative product offerings are enabling us to maximize strategic business opportunities across all our end markets. In 2023, we continue to lay important groundwork in Wi-Fi, ethernet, fiber broadband access gateways, and wireless and optical datacenter network infrastructure, which will be the foundation for potential future growth,” commented Kishore Seendripu, Ph.D., Chairman and CEO.