RTTNews | Jul 29, 2021 12:00PM EDT

12:00 Thursday, July 29, 2021 (RTTNews.com) - MaxLinear, Inc (MXL), a California-based maker of semiconductors, is trading 12% higher as it turned to profit in the second quarter on Wednesday as revenues tripled. The earnings also managed to top analysts' estimates.

The net income for the company was $0.73 million or $0.01 earnings per share, compared to a loss of $21.80 million or $0.30 loss per share in the previous year.

On an adjusted basis, the net income was $41.58 million or $0.53 per share, up from $6.31 million or $0.09 per share in the last term. Ten analysts polled by Thomson Reuters expected the company to earn $0.50 per share.

The revenue for the quarter was $205 million, up from $65.22 million last year in the same quarter. Nine analysts estimated the revenue to be $204.7 million.

The company also provided a strong third-quarter outlook of $215 million to $225 million in revenue, while the analysts estimate it to be $$202.73 million.

The shares are currently trading at $47.89, up $5.01 or 11.68% from their previous close at $42.88. the shares opened at $44.46 in the morning and in the 52-week period, the shares have ranged between $20.91 and $49.44.

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