NTGR 8-K: NETGEAR Q3 revenue $197.8M beats high end; GAAP EPS -$2.87, non-GAAP $0.23; subs up 27%

NETGEAR Q3 revenue $197.8M beats high end; GAAP EPS -$2.87, non-GAAP $0.23; subs up 27%

NETGEAR, INC.

2023-Q3 EPS reported -$3.52 revenue$552,166,000

Q3 net revenue $197.8M, down 20.7% YoY but above high end of guidance.

GAAP net loss per diluted share $2.87; non-GAAP EPS $0.23 vs $0.21 YoY.

Paid subscribers 844,000, up 26.7% YoY; service revenue grew 25% YoY.

Q4 guidance: revenue $175M-$190M; non-GAAP op margin -2.0% to 1.0%.

Inventory reduction generating cash; WiFi 7 Orbi 97x and Nighthawk RS700 launched.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

NETGEAR, INC. reported third quarter ended October 1, 2023 results: revenue $197.8 million, EPS $2.87. Guidance lowered.

Period: third quarter ended October 1, 2023
Revenue: $197.8 million
EPS: $2.87
Guidance: lowered
Result: reported results

Exact text from the filing

NETGEAR ® REPORTS THIRD QUARTER 2023 RESULTS Q3 net revenue of $197.8 million, above the high end of guidance Q3 GAAP gross margin of 34.8%; non-GAAP gross margin of 35.0% Q3 GAAP operating margin of (0.3)%; non-GAAP operating margin of 2.7%, above the high end of guidance 844,000 paid subscribers for 26.7% growth year over year SAN JOSE, California – October 25, 2023 - NETGEAR, Inc. (NASDAQ: NTGR), a global networking company that delivers innovative networking and Internet connected products to consumers and businesses, today reported financial results for the third quarter ended October 1, 2023. • Third quarter 2023 net revenue of $197.8 million, a decrease of 20.7% from the comparable prior-year quarter. • Third quarter 2023 GAAP operating loss of $0.6 million, or (0.3)% of net revenue, as compared to operating loss of $2.2 million, or (0.9)% of net revenue, in the comparable prior-year quarter. ◦ Third quarter 2023 non-GAAP operating income of $5.3 million, or 2.7% of net revenue,

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