Stock Alert: Netgear Shares Down 2% Despite Upbeat Q3 Results

(RTTNews) - Shares of Netgear Inc. (NTGR) are currently trading at $35.58, down 98 cents or 2.61% Thursday morning, with trading volume of 305K versus an average volume of 328K shares.

The company's Q3 net income was $25.5 million or $0.83 per share compared to $12.5 million or $0.39 per share last year. On a non-GAAP basis, net income totaled $34.7 million or $1.13 per share, higher than the prior year's $20.7 million or $0.65 per share. Net revenue for the quarter increased to $378.1 million from $265.9 million generated a year ago.

Analysts polled by Thomson Reuters expected earnings of $0.66 per share on revenue of $313.51 million for the quarter. Analysts' estimate typically exclude certain special items.

Bryan Murray, Chief Financial Officer of NETGEAR, said, "We had another quarter of strong cash flow, generating $42.9 million in cash from operations in the third quarter. Preserving strong liquidity and generating cash are paramount during these uncertain times, and we are confident in our ability to do so in the near term..."