Business
NETGEAR® Reports Second Quarter 2024 Results
Q2 net revenue of $143.9 million, above the high end of guidance Completed destocking of channel, with approximately $30 million reduction Fourth consecutive
About this update from Netgear, Inc.
[{"type":"text","content":"\nQ2 net revenue of $143.9 million, above the high end of guidance\n\n\nCompleted destocking of channel, with approximately $30 million reduction\n\n\nFourth consecutive quarter of FCF generation\n\n\nNew Board member appointed and President of B2B business unit hired\n\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nNETGEAR, Inc. (NASDAQ: NTGR), a global networking company that delivers innovative products to global consumers and businesses, today reported financial results for the second quarter ended June 30, 2024. As expected, second quarter results reflect the impact of destocking approximately $30 million of channel inventory, and the costs associated with an aggressive reduction of legacy inventory.\n\n\n\nSecond quarter 2024 net revenue of $143.9 million, a decrease of 17.0% from the comparable prior-year quarter.\n\n\n\nSecond quarter 2024 GAAP operating loss of $46.9 million, or (32.6)% of net revenue, as compared to operating loss of $17.8 million, or (10.3)% of net revenue, in the comparable prior-year quarter.\n\n\nSecond quarter 2024 non-GAAP operating loss of $31.1 million, or (21.6)% of net revenue, as compared to non-GAAP operating loss of $10.7 million, or (6.2)% of net revenue, in the comparable prior-year quarter.\n\n\n\n\n\n\nSecond quarter 2024 GAAP net loss per diluted share of $1.56, as compared to net loss per diluted share of $0.29 in the comparable prior-year quarter.\n\n\nSecond quarter 2024 non-GAAP net loss per diluted share of $0.74, as compared to non-GAAP net loss per diluted share of $0.16 in the comparable prior-year quarter.\n\n\n\n\n\n\nCash, cash equivalents and short-term investments ended at $294.3 million, up $4.9 million from the previous quarter and net of stock repurchases in the second quarter of $10.0 million.\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\n\nCJ Prober, Chief Executive Officer of NETGEAR, commented, “Last quarter we outlined a plan for transforming NETGEAR with a focus on creating long term value for shareholders. I’m very happy to report that our team demonstrated stellar execution in the second quarter and delivered on our goals, including the achievement of an accelerated destocking plan of approximately $30 million and a significant decrease in our finished g...