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Jun 14, 2023Netgear Q1 2023: Inventory Correction Set to Spill Into Q2
Apr 03, 2023Netgear's revenue declined 27.4% YoY in Q1 2023 to $180.9 million, which was below the guided level mainly due to inventory corrections in the consumer and SMB segments. These corrections are expected to continue in Q2 2023, thus requiring lower production for Netgear. However, gross margins improved in Q1 on the good performance of premium products such as Orbi mesh gateways, 5G mobile hotspots, and Pro AV switches. Supply chain issues have improved for most of the product lines which helped reduce the use of air freight, thereby helping gross margins.
Varun is a Research Analyst with Counterpoint Technology Market Research dedicated to Consumer IoT, Emerging Devices and IP Licensing. Before joining Counterpoint, he has worked in the Consumer Electronics Industry with Dyson for 2 years. He is an inquisitive person, who likes to track emerging technologies, robotics, automobiles and smartphones.He is based out of Faridabad and has a Bachelor of Technology in Mechanical Engineering from Delhi College of Engineering.
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SMB declines for the first time in eight quarters Connected home segment transition to premium continues Service provider revenue declines by a quarter Shipments decline by 25% YoY, COVID hits APAC revenues Losses continue, but improvements visible Strong growth in paid subscribers Inventory correction to continue in Q2 2023 Key takeaways Related research