NETGEAR Q2 net revenue $143.9M, GAAP EPS loss $1.56; guided Q3 rev $160-175M

NETGEAR, INC.

2024-Q2 EPS reported -$2.19 revenue$308,486,000

GAAP operating loss $46.9M (32.6% of rev) vs loss $17.8M (10.3%) YoY; non-GAAP loss $31.1M.
Channel destocking completed (~$30M); inventory reduced $22.3M sequentially; 4th consecutive FCF positive.
Board added Laura Orvidas; hired Pramod Badjate as President & GM of NFB (B2B) unit.
Q3 2024 guidance: rev $160-175M, GAAP operating margin (15.3%)–(12.3%), non-GAAP (11.0%)–(8.0%).
Share repurchase authorization expanded by 3M shares; ~799.8K shares bought in Q2.

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