(NASDAQ: MXL) stock is getting crushed Thursday on the heels of the company's recent earnings report trading. The semiconductor specialist's share price was down 20.5% as of 12:45 p.m. ET, according to data from S&P Global Market Intelligence.

MaxLinear published third-quarter results after the market closed yesterday, posting sales and earnings performance that fell far short of the market's expectations. The company also received a ratings downgrade from a high-profile analyst firm. After the underwhelming results and negative analyst coverage, the company's stock is seeing big sell-offs today. 

MaxLinear reported non-GAAP (adjusted) earnings per share of $0.02 on sales of $135.5 million. For comparison, the average analyst estimate had guided for the company to record adjusted earnings of $0.04 per share on sales of $139.77 million. The company's revenue was down 52.6% year over year in the quarter, and management noted that it was continuing to see relatively weak demand and headwinds stemming from high inventory levels.

Continue reading

Source Fool.com