NETGEAR, Inc. (NASDAQ:NTGR) Q3 2022 Earnings Conference Call October 26, 2022 5:00 PM ET
Company Participants
Erik Bylin - IR
Patrick Lo - Chairman and CEO
Bryan Murray - CFO
Conference Call Participants
Hamed Khorsand - BWS
Adam Tindle - Raymond James
Paul Silverstein - Cowen
Operator
Ladies and gentlemen, thank you for standing by. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. [Operator Instructions]
I'd now like to turn the conference over to Erik Bylin. Please go ahead, sir.
Erik Bylin
Thank you, Josh. Good afternoon and welcome to NETGEAR's Third Quarter of 2022 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 fourth quarter of 2022 guidance provided by Bryan. We'll then have time for any questions. If you've 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.
Net revenue for the quarter ended October 2, 2022 was $249.6 million, which was above the midpoint of our guidance range, up 11.8% sequentially and down 14% year-over-year. Across our entire business, demand for our innovative, highly differentiated premium products remained strong. These higher margin products including our ProAV managed switches, 5G mobile hotspots, and 10 gig Tri and Quad-band WiFi mesh products are the key to delivering growth and expanding our profitability in the long-term.