Netgear's stock drops 12% on sales, earnings miss

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Shares of Netgear Inc. NTGR, +0.62% plunged 12% successful extended trading Wednesday aft the computer-networking institution reported fiscal second-quarter results. Netgear reported nett income of $17.8 million, oregon 57 cents a share, compared with nett income of $22.96 million, oregon 72 cents a share, successful the year-ago quarter. Revenue declined 3% to $308.8 cardinal from $317.9 cardinal a twelvemonth ago. Analysts surveyed by FactSet had expected nett income of 71 cents a stock connected gross of $315 million. Netgear's shares are down 9% truthful acold successful 2021. The broader S&P 500 scale SPX, +0.82% has gained 16% this year.

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