Netgear’s H1 revenue up 49pc at $291m
Dubai, August 14, 2011
Netgear, a worldwide leader in networking and storage products, has posted net revenue for the first two quarters of 2011 at $291.2 million, up 49 per cent compared to the revenue during the same period last year.
It has also reported that the net revenue from the Mena and the European region has totaled $110.331 million in the second quarter of 2011.
The increase in revenue was bolstered by the company’s launch of 17 products during the first half of 2011, it said in a statement.
Notable new products include the compact Wi-Fi repeater/booster for home use, the stackable 48 port Gigabit Smart Switch with 10Gig uplinks and the mini-travel router for the Asian market, it added.
The second quarter of 2011 drove in triple digit revenue growth from service providers, which accounted for approximately 37 per cent of the Netgear’s total revenue for Q2 2011, as compared to the 16 per cent figure of 2010 and the 29 per cent figure posted in Q1 2011.
This will also include revenue growth from the CNS division, which was acquired from Westell earlier this year. Netgear’s service provider revenue during the second quarter also benefitted from a one-time $10 million order from a major service provider customer.
"We believe the third quarter 2011 will present sequential increase in market demand due to back to school for both our retail and commercial business units," said Richard Jonker, managing director for Emerging Markets, Netgear.
“The vibrancy of the global IT market continues to fuel our determination to create more strategic and fully reliable networking and storage products for our diverse customer base. Our vision is to drive in more profit growth and expansion in the coming years, ably positioning ourselves as a major player in the networking and storage industry segments.”
“Amidst the global economic downturn, Netgear has ably proven itself in the IT market with its offer of a wide range of products that have been designed to meet the demands of large companies, SMEs and SOHOs,” said Ahmed Zeidan, channel sales manager, Netgear Middle East.
“We take pride in being a company that has successfully merged culture with technology, a strong feature that has inspired us to expect more revenue growth in the next few years.”
“The rollout of our new products during the first two quarters of 2011 has helped us consolidate our position in both the global and regional markets. Rest assured, we will live up to our reputation of being a strategic provider of world class high quality and fully reliable IT products for our rapidly growing consumer base,” Zeidan concluded. – TradeArabia News Service