Shares of Netgear Inc. NTGR, +0.62% plunged 12% successful extended trading Wednesday aft the computer-networking institution reported fiscal second-quarter results. Netgear reported nett income of $17.8 million, oregon 57 cents a share, compared with nett income of $22.96 million, oregon 72 cents a share, successful the year-ago quarter. Revenue declined 3% to $308.8 cardinal from $317.9 cardinal a twelvemonth ago. Analysts surveyed by FactSet had expected nett income of 71 cents a stock connected gross of $315 million. Netgear's shares are down 9% truthful acold successful 2021. The broader S&P 500 scale SPX, +0.82% has gained 16% this year.
Published: July 21, 2021 astatine 4:25 p.m. ET
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"We truly spot this arsenic an hold of our halfway merchandise offering" and not arsenic a abstracted nett pool, Netflix Chief Operating Officer Greg Peters said during a video telephone precocious Tuesday to sermon earnings. He characterized the gaming propulsion arsenic a multiyear effort that volition commencement "relatively small" and "continuously improve, based connected what members archer america what is working."
About the Author
Jon Swartz is simply a elder newsman for MarketWatch successful San Francisco, covering galore of the biggest players successful tech, including Netflix, Facebook and Google. Jon has covered exertion for much than 20 years, and antecedently worked for Barron's and USA Today. Follow him connected Twitter @jswartz.