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Stock impact report

Netgear posts wider-than-expected Q1 GAAP loss, withdraws guidance [MarketWatch]

NETGEAR, Inc. (NTGR) 
Last netgear, inc. earnings: 4/22 04:05 pm Check Earnings Report
US:NASDAQ Investor Relations: investor.netgear.com
Company Research Source: MarketWatch
Shares of Netgear Inc. fell nearly 6% in the extended session Wednesday after the maker of networking products swung to a wider-than-expected GAAP loss for the first quarter. Netgear said it lost $4 million, or 14 cents a share, versus a profit of $13 million, or 39 cents a share, in the year-ago quarter. Adjusted for one-time items, Netgear said it earned 21 cents a share, compared with 60 cents a share a year ago. Sales fell to $230 million from $249 million a year ago. Analysts polled by FactSet had expected a GAAP loss of 13 cents a share and adjusted earnings of 18 cents a share on sales of $216 million. The quarter was "challenging" due to COVID-19 and the company endured "supply and demand disruptions around the world on a rolling basis," Netgear said in a statement. As economic activity fell with the shutdowns, sales of equipment geared for businesses fell as well, offset by sales of consumer-focused products, especially those related to WiFi and mobile hotspots, the company s Show less Read more
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