Why Netgear Stock Sank Today
Shares of Netgear (NASDAQ: NTGR) sank today, closing down by 4%, after the company reported third-quarter earnings. The stock was down as much as 10% this morning.
Revenue in the third quarter increased 42% to $378.1 million, which was well above the consensus estimate of $313.5 million in sales. That translated into adjusted net income of $34.7 million, or $1.13 per share, crushing the $0.66 per share in adjusted profits that analysts were modeling for. The networking technology company has seen demand for wireless routers and other equipment rise as consumers upgrade home networks while spending more time at home during the coronavirus pandemic.
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Source Fool.com
