Netgear’s stock drops 12% on sales, profit miss

Shares of Netgear Inc. NTGR,
fell 12% in extended trading Wednesday after the computer network company reported fiscal results of the second quarter. Netgear reported net income of $17.8 million, or 57 cents per share, compared to net income of $22.96 million or 72 cents per share in the same quarter a year ago. Revenue declined 3% to $308.8 million from $317.9 million a year ago. Analysts polled by FactSet had expected net income of 71 cents per share on revenue of $315 million. Shares of Netgear are down 9% so far in 2021. The broader S&P 500 index SPX,
has gained 16% this year.