Netgear
Netgear, the maker of networking equipment for homes and small businesses, fell 14 percent in late trading after the company’s first-quarter revenue forecast trailed analysts’ estimates. Netgear fell $3.87 to $23 in after-hours trading. The stock closed at $26.87 Thursday in Nasdaq composite trading and has lost 25 percent of its value this year. Revenue for the three months through March will be $201 million to $205 million, the Santa Clara-based company said in statement after the markets closed. Five analysts, on average, predicted $206.3 million in a Bloomberg survey.
Fourth-quarter net income dropped to $12.5 million, or 35 cents a share, from $13.4 million, or 38 cents, Netgear said in the statement. Revenue, excluding items such as marketing incentives, rose 21 percent to $198.3 million, compared with the average estimate of $199.2 million among seven analysts polled by Bloomberg.
– Bloomberg News
