Netgear (NTGR) beat third-quarter targets and raised guidance for the fourth quarter.
The Santa Clara, Calif., WiFi networking equipment maker posted an adjusted profit of $16 million, or 44 cents a share. Those numbers compare with pro forma earnings of $11.9 million, or 35 cents a share, a year ago.
Sales for the third quarter were $191.7 million, a 26% increase from the year-ago quarter. Analysts had been expecting earnings of 41 cents on revenue of $181 million, according to Yahoo! Finance.
Netgear competes with rivals like Cisco (CSCO) in sales of wireless computer networking equipment for consumers and small businesses.Looking ahead, the company says it expects fourth-quarter sales of about $197.5. Analysts were expecting Netgear to book about $191 million in sales this quarter. "This was another strong quarter for us," CEO Pat Lo said in a press release. "Broadband penetration continues to increase at a steady pace worldwide among both homes and small businesses. "We believe our competitive edge has helped us gain share in the U.S., while further expanding our leadership" overseas, Lo continued. Netgear shares rose $2.81, or 9%, to $34.30 in after-hours trading Thursday.
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