Updated from Oct. 26
surged 19% Friday after its third quarter soared past Wall Street mileposts.
The Santa Clara, Calif., wireless home networking specialist posted an adjusted profit of $11.9 million, or 37 cents a share. Those numbers compare with pro forma earnings of $10.5 million, or 30 cents a share, in the second quarter, and $9.1 million, or 27 cents a share, a year ago. Analysts were looking for 32 cents, according to Reuters Research.
Total sales for the quarter were $151.6 million, up from $130.7 million in the prior quarter and above the $111.3 million level last year. Street expectations called for a top line of $140.4 million.
Looking ahead, Netgear says fourth quarter sales will be somewhere in the range of $153 million to $160 million. Analysts were looking for fourth quarter revenue of $148.3 million.
"We continue to execute on our business strategy and deliver impressive results," CEO Pat Lo said in a press release. "We are in a great position entering the fourth quarter. Our strategy of delivering technology innovations on a consistent basis is paying off for us," the statement continued.
Netgear shares jumped $4.47 to $28.07.