Why Shares of Arlo Technologies Tumbled Today
Shares of Arlo Technologies (NYSE: ARLO) sank on Wednesday after the connected-camera company reported its second-quarter results. While Arlo beat analyst expectations, revenue and earnings plunged from the prior-year period. The stock was down about 19.3% at 1:40 p.m. EDT.
Arlo reported second-quarter revenue of $83.6 million, down 24.7% year over year and about $6.4 million above the average analyst estimate. Revenue from products tumbled 28.9% year over year to $72.4 million, while revenue from services rose 23.3% to $11.2 million.
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