NetGear Soaring After Beating Estimates (NTGR)
Netgear (NASDAQ: NTGR) shares are soaring after the company blew out quarterly estimates.
The company reported first quarter earnings of 65 cents per share on $278.82 million in revenues, compared to Wall Street estimates of 52 cents per share on $256.47 million in revenues.
Patrick Lo, Chairman and Chief Executive Officer of NETGEAR, commented, "We are extremely pleased with our first quarter 2011 performance, another quarter of record revenue and profit. We were carrying tremendous momentum out of a very strong fourth quarter, and our new products continue to exceed our expectations and enable us to gain market share."
"Our impressive first quarter growth was driven by new products introduced in recent quarters. Particularly encouraging is the market's reception to our products in TV and mobile connectivity, Docsis 3.0 cable gateways, and business network storage. To continue the new product momentum, we introduced another 20 new products in Q1 2011, beefing up our portfolios in the areas of TV connectivity, Docsis 3.0 cable gateways, and security appliances."
The company said it expects second quarter 2011 net revenue to be in the range of $270 million to $280 million, with non-GAAP operating margin in the range of 11% to 12%.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.