Netgear falls on gloomy revenue forecast

NetGear

19/04/2022 13:14

** Network equipment maker's shares  NTGR.O  down 11.9% at
$20.38 premarket
    ** Expects Q1 net revenue to be between $202 mln and $212
mln, down from prior estimates of $225 mln to $240 mln; analysts
expect revenue of $231.6 mln, per Refinitiv data
    ** Says U.S. consumer WiFi market declined in Q1, ending
roughly flat to pre-pandemic levels, resulting in a hit to
revenue in co's connected home products segment
    ** Cowen sees demand as NTGR's larger issue and expects
China lockdowns' impact to vary from negligible to meaningful
across other communication equipment suppliers
    ** Up to last close, stock had fallen ~21% YTD

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com;))