Business
Netgear® Reports Second Quarter 2022 Results
SMB business delivers record revenue; 20% year over year growth SAN JOSE, Calif.--(BUSINESS WIRE)-- NETGEAR, Inc. (NASDAQ: NTGR), a global networking company
About this update from Netgear, Inc.
[{"type":"text","content":"\nSMB business delivers record revenue; 20% year over year growth\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nNETGEAR, 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 second quarter ended July 3, 2022.\n\n\nSecond quarter 2022 net revenue of $223.2 million, a decrease of 27.7% from the comparable prior year quarter.\n\n\nSecond quarter 2022 GAAP operating loss of $10.1 million, or (4.5)% of net revenue, as compared to operating income of $21.5 million, or 7.0% of net revenue, in the comparable prior year quarter.\n\n\nSecond quarter 2022 non-GAAP operating loss of $4.2 million, or (1.9)% of net revenue, as compared to operating income of $26.5 million, or 8.6% of net revenue, in the comparable prior year quarter.\n\n\n\n\nSecond quarter 2022 GAAP net loss per diluted share of $0.30, as compared to net income per diluted share of $0.57 in the comparable prior year quarter.\n\n\nSecond quarter 2022 non-GAAP net loss per diluted share of $0.19, as compared to net income per diluted share of $0.66 in the comparable prior year quarter.\n\n\n\n\nThe accompanying schedules provide a reconciliation of financial measures computed on a GAAP basis to financial measures computed on a non-GAAP basis.\n\nPatrick Lo, Chairman and Chief Executive Officer of NETGEAR, commented, “In the second quarter, we delivered both revenue and non-GAAP operating margin above the high end of our guidance range. Strong execution by our team in navigating supply chain headwinds drove the outperformance, most notably for our ProAV managed switch, super premium WiFi mesh and 5G mobile hotspot products, and, as a result, each of these categories delivered double-digit year over year growth. This improved supply picture fueled strength in our SMB business, which delivered record quarterly revenue, and sales to our service provider customers, and we expect this momentum to continue into the second half as demand remains robust and our supply situation continues to improve.”\n\nMr. Lo continued, “Within our CHP business, we are pleased with our progress in growing the super-premium mesh market. This once again reinforces our strategy of focusing primarily on the premium, higher margin segments of the market and targeting those consum...