Arlo Technologies, Inc. (NYSE: ARLO) reported Q1 EPS of ($0.34), $0.01 better than the analyst estimate of ($0.35). Revenue for the quarter came in at $65.5 million versus the consensus estimate of $63.88 million.

“The team at Arlo showed their dedication to our business in delivering a solid first quarter despite facing unprecedented challenges across all aspects of business execution. While our supply chain and internal teams are largely at full force, we are seeing disruptions in our distribution channels that impede our ability to serve our customer in the near term,” said Matthew McRae, Chief Executive Officer of Arlo Technologies. “However, we saw both record growth of paid subscribers and record service revenue, as our revenue for paid accounts comfortably surpassed pre-paid in the quarter. These are important data points that reflect our new business model phasing in and we expect continued strength in the services business as we complete our new product launches throughout 2020. Our latest launch, Arlo’s new Pro 3 Floodlight, the first wire-free floodlight in the world, is now available in our channels, brings our award winning Pro 3 technology to a large, fast-growing market segment and is well-received by customers and critics alike. We feel that we are well positioned with a solid balance sheet, best-in-class product offering, and strengthening services momentum.”

GUIDANCE:

Arlo Technologies, Inc. sees Q2 2020 EPS of ($0.46)-($0.39), versus the consensus of ($0.31). Arlo Technologies, Inc. sees Q2 2020 revenue of $50-60 million, versus the consensus of $70.7 million.

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