NETGEAR's Strong Q1 Results Have Investors In Network Equipment Sector Cheering

NETGEAR, Inc.NTGR

shares have seen buying pressure Wednesday afternoon as investors are applauding better-than-expected first-quarter results. The stock was last indicated at $44 even, up about 10 percent from the close of Wednesday's intraday session. Elsewhere in the Network Equipment space, at least several other stocks are seeing upside action:

Extreme Networks, Inc EXTR - up 9 percent to $3.60;
Sonus Networks, Inc. SONS - up 2.3 percent to $8.55; and,
Juniper Networks, Inc. JNPR - unchanged, but shares had been volatile in the post-market session.

Given the sector-wide price action, investors have shown a belief the NETGEAR results should bode well for other players in the space. The company posted a quarterly profit of $0.74 per share on sales of around $310.3 million. Wall Street analysts expected earnings to hit $0.60 on sales of just $298.6 million. NETGEAR also gave an indication to the next quarter: sales are expected to hit between $290 million and $305 million, compared to analysts' second-quarter sales consensus estimate of $294 million.

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