Netgear reports lower Q4 net income, provides outlook for Q1
Feb 20, 2013 (Datamonitor via COMTEX) --
Netgear, Inc., a provider of wired and wireless devices, has reported that net income for the fourth quarter ended December 31, 2012 was $16.08 million, or $0.41 per diluted share, compared to $22.83 million, or $0.60 per diluted share, for the same quarter ended December 31, 2011. The company expects first quarter 2013 net revenue to be in the range of $290 million to $305 million, with non-GAAP operating margin in the range of 11% to 12%.
Net revenue for the fourth quarter ended December 31, 2012 was $310.44 million, compared to $309.15 million, for the same quarter ended December 31, 2011.
Net income for the year ended December 31, 2012 was $86.54 million, or $2.23 per diluted share, compared to $91.37 million, or $2.41 per diluted share, for the year ended December 31, 2011.
Net revenue for the year ended December 31, 2012 was $1.27 billion, compared to $1.18 billion, for the year ended December 31, 2011.
Patrick Lo, chairman and CEO of Netgear, said: "The worldwide macroeconomic environment proved challenging for us during the second half of 2012. In the fourth quarter, we witnessed reduced spending among our service provider customers and Commercial Business Unit customers.
"Our fourth quarter 2012 Retail Business Unit net revenue was up 12% sequentially, and up 5% for the full year. The fourth quarter was a record quarter in terms of net revenue for our Retail Business Unit driven by strong share gain in the US and other international markets. Our fourth quarter 2012 Service Provider Business Unit net revenue was down 12% sequentially, but up an impressive 25% year-over-year for the full year of 2012. Upon closing, we expect our recently announced acquisition of the Sierra Wireless, Inc. AirCard business to drive global growth for our Service Provider Business Unit by combining a world-class LTE engineering team with our world-class Wi-Fi engineering team."
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