NETGEAR's Revenues Rise 36% YoY

NETGEAR reported Q4 2009 revenue of $218.8 million, as compared to $161.4 million for the fourth quarter ended December 31, 2008, and as compared to $171.1 million in the third quarter ended September 27, 2009. Net income, computed in accordance with GAAP, for the fourth quarter of 2009 was $7.9 million, or $0.22 per diluted share. This compared to GAAP net loss of $7.3 million, or $0.21 per diluted share, for the fourth quarter of 2008, and to GAAP net income of $8.5 million, or $0.24 per diluted share, in the third quarter of 2009.


Patrick Lo, Chairman and Chief Executive Officer of NETGEAR, commented, "We exceeded expectations and recorded net revenue of $218.8 million in the fourth quarter 2009, a new record for net revenue during any quarter since NETGEAR's inception. Revenue upside was driven by better than planned market share gain in the U.S., European market year-over-year growth and higher than expected revenue contribution from new products. During the fourth quarter, we also were selected to fulfill a one-time $18 million order by a service provider customer. Our net revenue from service providers was approximately 28% of total net revenue in the fourth quarter 2009, as compared to 25% in the third quarter of 2009, and 18% in the fourth quarter of 2008. We are extremely pleased with our fourth quarter 2009 business performance.
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