Business
NETGEAR® Reports Fourth Quarter and Full Year 2019 Results
SAN JOSE, Calif., Feb. 05, 2020 (GLOBE NEWSWIRE) -- NETGEAR, Inc. (NASDAQ: NTGR), a global networking company that delivers innovative networking and Internet
About this update from Netgear, Inc.
[{"type":"text","content":"SAN JOSE, Calif., Feb. 05, 2020 (GLOBE NEWSWIRE) -- 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 fourth quarter and full year ended December 31, 2019.\n Fourth quarter 2019 net revenue of $253.0 million, a decrease of 12.4% from the comparable prior year quarter.Fourth quarter 2019 GAAP operating loss of $0.2 million, or (0.1)% of net revenue, as compared to operating income of $17.4 million, or 6.0% of net revenue, in the comparable prior year quarter. Fourth quarter 2019 non-GAAP operating income of $11.0 million, or 4.4% of net revenue, as compared to $27.1 million, or 9.4% of net revenue in the comparable prior year quarter. Fourth quarter 2019 GAAP net loss per diluted share from continuing operations of $0.01, as compared to net loss of $0.02 in the comparable prior year quarter. Fourth quarter 2019 non-GAAP net income per diluted share from continuing operations of $0.34, as compared to $0.68 in the comparable prior year quarter. Fiscal 2019 net revenue of $998.8 million, a decrease of 5.7% from the prior year.Fiscal 2019 GAAP operating income of $26.2 million, or 2.6% of net revenue, as compared to $38.7 million, or 3.7% of net revenue, in the prior year. Fiscal 2019 non-GAAP operating income of $64.5 million, or 6.5% of net revenue, as compared to $76.3 million, or 7.2% of net revenue in the prior year. Fiscal 2019 GAAP net income per diluted share from continuing operations of $0.81, as compared to $0.52 in the prior year. Fiscal 2019 non-GAAP net income per diluted share from continuing operations of $1.87, as compared to $1.94 in the prior year. The accompanying schedules provide a reconciliation of financial measures computed on a GAAP basis to financial measures computed on a non-GAAP basis. Patrick Lo, Chairman and Chief Executive Officer of NETGEAR, commented, “While we experienced a heavily promotional holiday season, we proceeded as planned by participating competitively in the WiFi 5 market while aggressively shifting our channel to WiFi 6 products. During the promotional period, we took advantage of incremental opportunities to gain share, thus leading to slightly higher revenue and lower non-GAAP operating margin. We also took initial steps to adjust inventory...