Why Netgear Stock Jumped Today
Shares of Netgear (NASDAQ: NTGR) have jumped today, up by 7% as of 12:40 p.m. EDT, after the networking equipment maker reported second-quarter earnings. The company is benefiting from the shift to remote work due to the COVID-19 pandemic.
Revenue in the second quarter increased 21% to $280.1 million, which translated into adjusted earnings per share of $0.54. Those results blew past analysts' expectations of $235.3 million in revenue and $0.21 per share in adjusted profit. Adjusted operating income was $21 million. Remote workers have been upgrading their home networks, boosting the core connected home products (CHP) segment, while the small and medium-sized business (SMB) segment also performed well.
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Source Fool.com
