Arlo stock falls after 3% drop in quarterly revenue
Arlo Technologies Inc.'s stock (ARLO) dropped more than 3% in the extended session Thursday after the maker of security cameras, video doorbells, and other home-security electronics reported a narrower quarterly loss and revenue that fell but was above Wall Street expectations. Arlo said it lost $7.4 million, or 8 cents a share, in the second quarter, compared with a loss of $11.6 million, or 13 cents a share, in the year-ago period. Adjusted for one-time items, Arlo earned 6 cents a share. Revenue fell 3.3% to $115.1 million, from $119 million a year ago, Arlo said. FactSet consensus called for EPS of 4 cents a share on sales of $110 million. Arlo called for revenue of $122 million to $132 million for the three months ending Oct. 1. FactSet consensus has third-quarter revenue at $127 million. "The continued acceleration of our services business drove outstanding results in [the second quarter] across all of our key metrics," Chief Executive Matthew McRae said in a statement. "Strong demand, increased subscriptions, higher [average revenue per unit], and record gross margin are fueling Arlo's trajectory of improving performance and profitability."
-Claudia Assis
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
08-10-23 1642ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing
-
Going Into Earnings, Is Nvidia Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Arista Stock a Buy, a Sell, or Fairly Valued?