Netgear hits new 52-week low on lower Q3 forecast
Netgear Inc. (Nasdaq:NTGR) slid to a new 52-week low this morning after lowering its revenue forecast for the third quarter.
The San Jose, Calif.-based home networking products manufacturer said before the bell this morning that it now expects to report revenue in the range of $173 million to $183 million, compared with a previous estimate of between $208 million and $212 million.
Netgear said it saw weakness in September demand on its consumer products across all channels and in all geographies.
Analysts polled by Thomson First Call on average had expected Netgear to report revenue of $210.2 million.
By late morning, Netgear is at $12.10, down $0.33, after reaching its new 52-week low of $9.50 earlier in the day. The stock had traded as low as $12.40 and as high as $37 in the past year.
For detailed price information and news stories on Netgear, click NTGR.
About the Author
Contributing author Mary Ann Azevedo has more than 13 years of writing and editing experience that includes coverage of a broad range of companies.
Read More
(click a star)
Enter comment: