Consistent Revenue and Margin Exceedance
NETGEAR exceeded revenue and non-GAAP operating margin guidance for the sixth consecutive quarter, showing strong operational execution and strategic direction.
Enterprise Segment Growth
The Enterprise segment grew by 16% year-over-year, driven by ProAV managed switches, and achieved a record high gross margin of over 50%.
Improvement in Gross Margin
Achieved a record non-GAAP gross margin of 39.6%, surpassing the previous quarter's record by 180 basis points.
Share Repurchase and Strong Cash Position
Repurchased $20 million of common stock, ending the quarter with $326.4 million in cash and short-term investments.
Growth in Annual Recurring Revenue
Annual recurring revenue reached $37.9 million, growing 17.2% year-over-year, with an increase in recurring subscribers to 560,000.
Strategic Transformation and New Product Launches
Launched a new website and rebranded the commercial business to NETGEAR Enterprise, with a focus on integrating mobile products into app and subscription services.