Netgear, Inc. (NASDAQ: NTGR) reported Q4 EPS of $0.68, $0.19 better than the analyst estimate of $0.49. Revenue for the quarter came in at $288.9 million versus the consensus estimate of $379.84 million.

Patrick Lo, Chairman and Chief Executive Officer of NETGEAR, commented, "We had a successful fourth quarter of 2018, driven by Orbi, Nighthawk Pro Gaming, cable modems and gateways, and our SMB switching portfolio, in particular the PoE and ProAV switches. Our financial results for the quarter came in at the high end of our guidance range for revenue and operating margin. We delivered a healthy profit in Q4 and saw year-over-year top line growth for both the CHP and SMB segments."

Mr. Lo continued, “We are pleased to report that we reached 9.7 million registered users in Q4, which represents the foundation for building our paid subscriber base. We are also thrilled to report that our number of registered app users reached 1.4 million for the fourth quarter, which is over double the amount that we last shared in September of 2018."

"On the product front, we had two significant product launches during the quarter, which were our industry-leading Wi-Fi 6 router, as well as the world's first millimeter wave 5G device with AT&T. We were also pleased with the reception that Meural, the world's leading smart digital canvas, received during the holiday season and at the Consumer Electronics Show."

Bryan Murray, Chief Financial Officer of NETGEAR, added, "On December 31st, we completed the spin-off of the Arlo business through a distribution of Arlo Technologies common stock to NETGEAR’s shareholders. Upon the completion of the distribution, NETGEAR no longer owns any shares of Arlo common stock. Arlo’s financial results for all historical periods, including the quarter in which the distribution occurred, will now be reclassified into NETGEAR discontinued operations. We’d like to acknowledge all of the hard work from both the NETGEAR and Arlo teams that went into completing the spin.”

GUIDANCE:

Netgear, Inc. sees Q1 2019 revenue of $235-250 million, versus the consensus of $264.67 million.

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