Here is why NETGEAR Inc. (NTGR) stock plunged in the after-hours on Wednesday?

NETGEAR Inc. (NTGR) shares declined 10.80% in after-hours on Wednesday, October 27, 2021, and closed the daily trading at $27.99. However, in the regular trading session, NTGR’s stock lost 0.73%. NTGR shares have fallen 6.61% over the last 12 months, and they have moved down 5.25% in the past week. Over the past three months, the stock has lost 9.31%, while over the past six months, it has declined 17.62%.

Let’s have a look at its recent news.

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NTGR recent financial results announcement

On October 27, 2021, NETGEAR, Inc. (NTGR) reported financial results for the third quarter that ended October 3, 2021.

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Q3 2021 financial highlights

  • NTGR reported total net revenue of $290.2 million in Q3 2021 compared to $378.2 million in Q3 2020.
  • The cost of revenue was $203.3 million compared to $264.6 million in Q2 2020.
  • Total operating expenses were $73.93 million in Q3 2021 compared to $81.4 million in Q3 2020.
  • It earned a net income of $9.6 million in Q3 2021 compared to a net income of $25.5 million in Q3 2020.

NTGR new secure VPN access

On October 13, 2021, NETGEAR®, Inc. (NTGR) announced the availability of Insight Business VPN, an add-on service to the Orbi Pro Series of WiFi 5 (SRK 60) and WiFi 6 (SXK 80) business router mesh systems.

The new VPN enables small and medium-size businesses to extend their corporate networks to branch offices and home offices of employees while ensuring each node on the network is secured and centrally managed.

NTGR new Quad-Band WiFi 6E Mesh System

On October 12, 2021, NETGEAR®, Inc. (NTGR) introduced the Orbi™ Quad-band Mesh WiFi 6E System (RBKE960 Series) adds the newly available 6GHz WiFi band to deliver quad-band technology with faster Internet speeds to more devices simultaneously with less interference and wait time.

AMX AV chose NTGR AV switches

On September 01, 2021, NETGEAR®, Inc. (NTGR), announced a vendor relationship with AMX by HARMAN, the industry pioneer in AV over IP technology. NETGEAR professional AV switches are now the recommended choice for all AMX AV over IP installations worldwide.

New Nighthawk M5 5G WiFi 6 Mobile Router

On August 31, 2021, NETGEAR®, Inc. (NTGR) announced the availability of the unlocked version of the Nighthawk® M5 5G WiFi 6 Mobile Router (MR5200). The compact M5 is capable of delivering Gigabit Internet speeds similar to your home WiFi network in a mobile environment.

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The recent financial results were the reason behind its loss in the after-hours on Wednesday and we can expect it to further slide down in the coming trading sessions.

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