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Benzinga
Benzinga
Business
Anusuya Lahiri

How Netgear's Revenue Revision Will Affect Broadcom, Qualcomm And Others

Nasdaq SYNA AVGO Broadcom Inc CHP Keybanc QCOM QRVO Qualcomm Inc SLAB
  • Today, Netgear Inc (NASDAQ:NTGR) slashed its 1Q revenue outlook by 11% to $207 million at the midpoint from $232 million prior.
  • The revision reflected, "The U.S. consumer WiFi market, which had exited 2021 at ~15% above 2019 levels, declined in the first quarter of 2022, ending roughly flat to 2019 levels. 
  • The decline in market size negatively impacted the performance of its CHP business which saw a decline in revenue relative to our expectations earlier in the quarter. 
  • Despite SMB's revenue performance meeting expectations, Shenzhen's Covid lockdown severely disrupted the supply of components to its factories in March. 
  • KeyBanc saw the preannouncement most negatively impact Broadcom Inc (NASDAQ:AVGO), Qualcomm Inc (NASDAQ:QCOM), Qorvo Inc (NASDAQ:QRVO), and Skyworks Solutions Inc (NASDAQ:SWKS), which supply WiFi and RF chips to NTGR.
  • The update also carried negative implications for Silicon Laboratories Inc (NASDAQ:SLAB) and Synaptics Inc (NASDAQ:SYNA), which negatively impact meaningful exposure to consumer IoT.
  • Price Action: NTGR shares closed lower by 3.33% at $22.37 on the last check Tuesday.
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