Netgear Inc. NTGR shares slipped in the extended session Wednesday after the network equipment and router company’s outlook fell short of Wall Street estimates. Netgear shares fell 2% after hours, following a 0.7% rise in the regular session to close at $37.83. “While we expect supply constraints to ease, our second quarter net revenue is expected to be in the range of $305 million to $320 million,” said Bryan Murray, Netgear’s chief financial officer, in a statement. Analysts surveyed by FactSet had estimated revenue of $325 million for the second quarter. The company reported first-quarter net income of $23 million, or 72 cents a share, compared with a loss of $4.2 million, or 14 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 99 cents a share, compared with 21 cents a share in the year-ago period. Revenue rose to $317.9 million from $230 million in the year-ago quarter. Analysts had forecast 99 cents a share on revenue of $310.2 million.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.