(Reuters) - Network equipment maker Netgear Inc forecast current-quarter revenue below analysts' estimates as telecom service providers cut spending, sending its shares down 7.5 percent after the bell.
The company forecast revenue of $290 million to $305 million for the first quarter. Analysts on average were looking for $317.6 million, according to Thomson Reuters I/B/E/S.
Netgear, which bought a part of Canadian wireless communication equipment maker Sierra Wireless Inc's mobile broadband business for $100 million last month, said it expected the first half of 2013 to be tempered by reduced spending from service providers.
The company's net income fell to $16.1 million, or 41 cents per share, in the fourth quarter, from $22.8 million, or 60 cents per share, a year earlier. Excluding items, the company earned 55 cents per share.
Revenue rose marginally to $310.4 million.
Analysts had expected earnings 54 cents per share on revenue of $307.6 million.
Shares of the San Jose, California-based company closed at $36.50 on the Nasdaq on Tuesday.
(Reporting By Aditya Kondalamahanty in Bangalore; Editing by Don Sebastian)
Wyo., ND Governors To EPA: Hey, We Need More Time On Clean Power Plan Regulations Because You Totally ‘Blindsided’ Us | Matt Vespa
House Democrats Will Try To Dissolve Select Committee On Benghazi Tonight UPDATE: Voted Down, Committee Remains | Matt Vespa
Ted Cruz finds a question that the Sierra Club DARED not answer. | RedState
“Dilbert” creator Scott Adams: Trump is landing “linguistic kill shots” that will sweep him to the presidency
Treasury Dept. investigating how ISIS gets so many Toyota trucks
Homeowner Stops Three Robbers By Pleading For Mercy. Just Kidding. He Shot Them. - Bearing Arms - Guns Saving Lives, Texas
Thomas Sowell - Charlatans and Sheep: Part II
Suppressing Free Speech | Human Events
- Vladimir Putin’s Russia Adopts Concealed Carry