Published on 2 May 2024 on Zacks via Yahoo Finance
NETGEAR (NTGR) Q1 Loss Wider Than Expected, Revenues Fall Y/Y
NETGEAR, Inc NTGR reported first-quarter 2024 non-GAAP loss of 28 cents per share compared with non-GAAP loss of 19 cents recorded in the year-ago quarter. The reported figure was wider than the Zacks Consensus Estimate of a loss of 27 cents.NTGR generated net revenues of $164.6 million, down 9% year over year. However, the top line beat the consensus estimate by 0.4%.Management noted that tough macroeconomic conditions along with inflationary pressure and high interest rates compelled channel partners to drive down inventory levels across both the consumer and B2B businesses, thereby affecting the top-line performance.Further, higher destocking coupled with an unfavorable product mix (shift from premium-consumer products to service-provider products) and a promotional retail market environment negatively impacted profitability in the quarter.
NETGEAR, Inc. Price, Consensus and EPS Surprise
