Netgear's stock surged 5.05% in intraday trading on Friday, outperforming the broader market. The rally came after the networking equipment maker reported better-than-expected financial results for the full year 2024.
While Netgear's revenue declined 9.1% year-over-year to $673.8 million, the company managed to swing to a profit, reporting net income of $12.4 million or earnings per share (EPS) of $0.43. This marked a significant improvement from the previous year's net loss of $104.8 million or EPS loss of $3.57.
Analysts had projected lower revenue and earnings figures for Netgear in 2024. The company's ability to exceed expectations on both the top and bottom lines has bolstered investor confidence, driving the stock's surge on Friday.
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