MaxLinear Stock Surges 67%

(RTTNews) - Shares of MaxLinear, Inc. (MXL) are surging about 67 percent on Friday morning trading, possibly due to the company's announcement yesterday regarding narrower loss in the first quarter.

The company's shares are currently trading at $57.53 on the Nasdaq, up 67.65 percent. The stock opened at $53.70 and has climbed as high as $59.71 so far in today's session. Over the past year, it has traded in a range of $9.53 to $59.71.

The company's loss during the period stood at $45.1 million or $0.52 per share compared to $49.7 million or $0.58 per share last year. Meanwhile, revenue increased to $137.2 million from $95.9 million in the previous year.