NETGEAR drops after downbeat forecast, Q1 results
27/04/2023 13:56
** Shares of network equipment maker NETGEAR NTGR.O fall
15.8% to $14.17 in premarket trading following quarterly results
** Co sees Q2 net revenue of $150-$165 mln, below market
view of $205.1 mln - Refinitiv IBES data
** NTGR Q1 rev dropped to $180.9 mln from $210.6 mln a year
earlier; also misses analysts' estimates of $193.9 mln
** Co posts Q1 adj net loss of $0.19/ share, analysts
estimated a loss of $0.10/ share
** "Due to unprecedented inventory reduction by our largest
Service Provider partner, as well as similar reduction in SMB
inventory by our largest e-commerce partner, our Q1 revenue,
operating margin came in below expectations" - co
** Up to last close, stock had fallen 7.12% YTD
(Reporting by Khushi Singh)
((Khushi.Singh@thomsonreuters.com;))