Netgear Inc Stock Price, News & Analysis

NETGEAR has launched the WBE710 Insight Manageable Tri-band WiFi 7 Access Point, expanding its WiFi 7 business solution portfolio. This new access point offers up to 9.4Gbps throughput and is designed to meet the growing demand for multi-gig capabilities in business environments. Key features include:

- Compatibility with previous WiFi generations
- Support for 8 separate wireless networks (SSIDs)
- 2.5Gbps PoE+ Ethernet port
- Multi-Link Operation for simultaneous data transmission on multiple bands
- Seamless roaming and load balancing
- Dedicated wireless backhaul for Instant WiFi Mesh networking

The WBE710 is part of NETGEAR's Total Network Solution and is priced at $349.99. It aims to provide businesses with a powerful, future-ready access point to handle the increasing number of WiFi 7-enabled devices.

NETGEAR (NASDAQ: NTGR) reported Q2 2024 results with net revenue of $143.9 million, above guidance but down 17% year-over-year. The company completed a $30 million channel destocking and achieved its fourth consecutive quarter of free cash flow generation. GAAP operating loss was $46.9 million (32.6% of revenue), while non-GAAP operating loss was $31.1 million (21.6% of revenue). NETGEAR ended the quarter with $294.3 million in cash and investments, up $4.9 million from the previous quarter. The company appointed a new Board member and hired a President for its B2B business unit. NETGEAR's subscription business grew to 958,000 subscribers, with recurring subscriber revenue up 30% year-over-year.

Mynd Immersive and the CTA Foundation have launched the Great American Elderverse™ program, supported by major tech companies and the Steven & Alexandra Cohen Foundation. This initiative aims to provide immersive content and technology to underserved seniors across the United States, enhancing their quality of life through virtual experiences and therapeutics.

The program will initially cover 60 communities in the tri-state area, with plans to expand nationwide throughout 2024 and 2025. Key partners include AT&T (5G service), HTC VIVE (immersive glasses), NETGEAR (WiFi hotspots), and Select Rehabilitation (clinical leadership). The initiative is based on research showing significant benefits of Immersive Therapeutics (ITx) for seniors, including decreased isolation, improved mood, and better relationships with caregivers.

NETGEAR (NASDAQ: NTGR) has announced several new additions to its leadership team, following the appointment of CJ Prober as CEO earlier this year. The new appointments include:

• Laura Orvidas joining the Board of Directors
• Pramod Badjate as President and GM of NETGEAR for Business
• Kirsten Daru as General Counsel and Chief Privacy Officer
• Fiona Spratt as Senior Vice President of People
• Antonio López Reus as Vice President of Strategy and Strategic Partnerships

These new leaders bring extensive experience from companies like Amazon, Cisco, and Electronic Arts. CEO CJ Prober stated that these executives will be instrumental in supporting the transformation of NETGEAR's businesses and driving long-term value creation for shareholders.

NETGEAR (NASDAQ: NTGR), a leading provider of innovative and secure digital connectivity solutions, has announced its upcoming second quarter 2024 results conference call. The call is scheduled for Wednesday, July 31 at 5:00 p.m. ET (2:00 p.m. PT). Investors and analysts can participate in the live audio call using the toll-free number (888) 660-6392 for domestic callers or (929) 203-0899 for international callers, with the conference ID 1030183.

The company will release its Q2 2024 results after market close on July 31, 2024. During the call, NETGEAR will discuss these results and provide an outlook for the third quarter of 2024. A live webcast and replay of the conference call will be available on NETGEAR's Investor Relations website at https://investor.netgear.com.

NETGEAR (NASDAQ: NTGR) has expanded its WiFi 7 product lineup by introducing the Orbi 770 Tri-band Mesh System and Nighthawk RS300 Router. These new devices offer higher speed, lower latency, and better handling of WiFi interference. The Orbi 770 covers up to 8,000 sq. ft. with speeds up to 11Gbps, while the Nighthawk RS300 covers 2,500 sq. ft. with speeds up to 9.3Gbps. Both products feature advanced security measures, including NETGEAR Armor and Smart Parental Controls. The Orbi 770 series is available for pre-order with packages starting at $699.99, and the Nighthawk RS300 is available at $329.99.

NETGEAR announced inducement equity awards on May 30, 2024, for newly-hired General Counsel and Chief Privacy Officer, Kirsten Daru, and VP of Strategy & Partnership, Antonio Lopez Reus.

The awards were granted under Nasdaq Listing Rule 5635(c)(4) and include time-based restricted stock units (RSUs) and performance-based RSUs.

Kirsten Daru received 101,250 time-based RSUs and 33,750 performance-based RSUs, while Antonio Lopez Reus received 58,479 time-based RSUs.

Vesting schedules involve annual and quarterly installments, contingent upon continued service, with performance metrics tied to NETGEAR’s total shareholder return compared to the Nasdaq Telecommunications Index.

On May 30, 2024, Administrative Law Judge Doris Johnson Hines of the U.S. International Trade Commission (ITC) ruled that TP-Link violated U.S. trade laws by importing and selling Wi-Fi devices that infringe on NETGEAR's patents. This ruling stems from a complaint filed by NETGEAR in April 2023. The ITC investigation, assigned on May 8, 2023, concluded that TP-Link's products infringe NETGEAR's U.S. Patent Nos. 7,936,714 and 10,681,698.

The ALJ recommended issuing a Exclusion Order to U.S. Customs and Border Protection and a Cease and Desist Order against TP-Link. The full Commission is scheduled to review and issue its Final Determination by October 3, 2024. NETGEAR's Chief Legal Officer, Andrew Kim, expressed satisfaction with the Initial Determination and reaffirmed the company's commitment to protecting its intellectual property.

Windward Management has issued a letter to NETGEAR's board, recommending a share repurchase of at least 25%, equating to around $100 million, and the formation of a strategic review committee to consider splitting or selling the NFB segment. Windward highlights NETGEAR's robust cash position, with $289 million in cash and short-term investments against a market capitalization of $370 million. Despite a challenging environment, Windward believes NETGEAR's upcoming WiFi 7 upgrade cycle, normalized inventory levels, and strong market leadership in consumer WiFi (35% share) could significantly enhance shareholder value. They predict a 150% upside for shares over the next 12-18 months.