NETGEAR, Inc. (NASDAQ:NTGR) Q3 2023 Earnings Conference Call October 25, 2023 5:00 PM ET

Company Participants

Erik Bylin - Investor Relations

Bryan Murray - Chief Financial Officer

Patrick Lo - Chairman & Chief Executive Officer

Conference Call Participants

Hamed Khorsand - BWS Financial

Jake Norrison - Raymond James

Operator

Hello and welcome to NETGEAR's Third Quarter 2023 Results Conference Call. Ladies and gentlemen, thank you for standing by. [Operator Instructions] I would now like to turn the conference over to Erik Bylin. Please go ahead, sir.

Erik Bylin

Thank you. Good afternoon and welcome to NETGEAR's third quarter of 2023 financial results conference call. Joining us from the company are Mr. Patrick Lo, Chairman and CEO; and Mr. Bryan Murray, CFO. The format of the call will start with a review of the financials for the third quarter provided by Bryan, followed by details and commentary on the business provided by Patrick and finish with the fourth quarter of 2023 guidance provided by Bryan. We'll then have time for any questions. If you have not received a copy of today's release, please visit NETGEAR's Investor Relations website at www.netgear.com.

Before we begin the formal remarks, we advise you that today's conference call contains forward-looking statements. Forward-looking statements include statements regarding expected revenue, operating margins, tax rates, expenses and future business outlook. Actual results or trends could differ materially from those contemplated by these forward-looking statements. For more information, please refer to the risk factors discussed in NETGEAR's periodic filings with the SEC, including the most recent Form 10-Q. Any forward-looking statements that we make on this call are based on assumptions as of today and NETGEAR undertakes no obligation to update these statements as a result of new information or future events. In addition, several non-GAAP financial measures will be mentioned on this call. A reconciliation of the non-GAAP to GAAP measures can be found in today's press release on our Investor Relations website.

At this time, I would now like to turn the call over to Mr. Bryan Murray.

Bryan Murray

Thank you, Erik and thank you, everyone, for joining today's call.

We are pleased by the continued strong execution of our team this quarter in delivering both revenue and operating margin comfortably above the high end of our guidance range. For the quarter ended October 1, 2023, revenue was $197.8 million, up 14.1% on a sequential basis but down 20.7% year-over-year.