NETGEAR Q1 revenue drops 33.8% to $210.6M, GAAP EPS -$1.95, non-GAAP -$0.28

NETGEAR, INC.

2022-Q1 EPS reported -$1.95 revenue$210,558,000

Revenue $210.6M, down 33.8% YoY; GAAP operating loss $58.5M including $44.4M impairment.
Non-GAAP operating loss $9.3M; GAAP net loss per diluted share $1.95; non-GAAP loss $0.28.
Paid subscribers reached 627k, up 30.4% YoY; targeting 750k for full year.
Q2 revenue guidance $205M-$220M; GAAP operating margin (6.5%)-(5.5%); non-GAAP (4.0%)-(3.0%).
Repurchased ~354k shares for $9.4M in Q1; CEO cites China lockdowns and U.S. WiFi market contraction.

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