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Netgear’s stock drops 12% on sales, earnings miss

Economy, Finance

Shares of Netgear Inc. plunged 12% in extended trading Wednesday after the computer-networking company reported fiscal second-quarter results. Netgear reported net income of $17.8 million, or 57 cents a share, compared with net income of $22.96 million, or 72 cents a share, in the year-ago quarter. Revenue declined 3% to $308.8 million from $317.9 million a year ago. Analysts surveyed by FactSet had expected net income of 71 cents a share on revenue of $315 million. Netgear’s shares are down 9% so far in 2021. The broader S&P 500 index has gained 16% this year.

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