On July 24, 2024, after the market closed, MaxLinear announced earnings results for its second quarter of 2024 and that net revenue for the quarter was just $92 million, down 50% year-over-year. The company attributed the decline at least in part to prolonged burn-off of excess customer inventory leading to weakened demand. The news caused a precipitous decline in the price of MaxLinear stock. The price of the company’s stock closed at $22.29 per share on July 24, 2024. Prior to the market open, MaxLinear stock declined 26% on July 25, 2024.