Netgear stock drops 12% as company posts wider loss, orders dry up

Shares of Netgear Inc.

tanked more than 12% in the extended session Wednesday after network-hardware maker reported a wider-than-expected quarterly loss and revenue that missed the mark, saying it faced an “unprecedented” inventory reduction by its largest service provider partner and similar reductions by its largest e-commerce partner. Netgear lost $9.7 million, or 33 cents a share, in the first quarter, compared with a loss of $57 million, or $1.95 a share, in the year-ago period.

tanked more than 12% in the extended session Wednesday after network-hardware maker reported a wider-than-expected quarterly loss and revenue that missed the mark, saying it faced an “unprecedented” inventory reduction by its largest service provider partner and similar reductions by its largest e-commerce partner. Netgear lost $9.7 million, or 33 cents a share, in the first quarter, compared with a loss of $57 million, or $1.95 a share, in the year-ago period.

Colombia Últimas Noticias, Colombia Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Meta shares pop 12% after company reports first sales increase in four quarters, issues optimistic guidanceFacebook parent Meta reported revenue for the first quarter that topped estimates and issued a forecast for the second quarter that also exceeded expectations.
Fuente: CNBC - 🏆 12. / 72 Leer más »