NETGEAR CEO Patrick Lo retires, CJ Prober named CEO; Q4 rev seen $179-$189M

NETGEAR, INC.

CEO Patrick Lo retires; Charles (CJ) Prober appointed CEO and board member effective Jan 31, 2024.
Lo to serve as strategic advisor through July 2024; receives $102,917/month consulting fee, $800K bonus, accelerated RSUs.
Prober receives $750K base salary, 120% target bonus, equity awards valued at $13M (time- and performance-based).
Preliminary Q4 revenue $179M-$189M (prior guidance $175M-$190M); non-GAAP op margin 0%-1.5% vs prior -2%-1%.
Strong demand for Orbi WiFi 7 drove CHP segment; SMB weighed by macro headwinds (high rates, geopolitical).

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NETGEAR, INC. reported fourth fiscal quarter ended December 31, 2023 results: revenue $179 million and $189 million. Guidance reaffirmed.

Period: fourth fiscal quarter ended December 31, 2023
Revenue: $179 million and $189 million
Guidance: reaffirmed
Result: preliminary results

Exact text from the filing

NETGEAR currently expects net revenue for the fourth quarter of 2023 to be between $179 million and $189 million, compared to prior guidance of $175 million to $190 million for the fourth quarter of 2023.

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accession 0000950170-24-009393

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