RTTNews | Jul 23, 2020 10:14AM EDT

10:14 Thursday, July 23, 2020 (RTTNews.com) - Shares of networking and Internet connected products maker NETGEAR, Inc. (NTGR) are up more than 9% Thursday morning on the heels of upbeat second-quarter results.

Earnings in the second quarter, on an adjusted basis, were $0.54 per share compared with $0.28 per share last year. Analysts polled by Thomson Reuters were expecting $0.22 per share.

Revenue for the quarter rose 21.3% year-over-year to $280.1 million, driven by growth in CHP business. The consensus estimate was at $235.29 million.

"The work-from-home transition taking place worldwide is driving the adoption of high performance WiFi at home as an indispensable necessity and, as the leader in WiFi 6 technology, we stand well positioned to enable this new reality. In conjunction with the increased penetration of high-end WiFi 6 mesh systems and routers into the market, we accelerated the acquisition of new service subscribers, particularly in cybersecurity protection and parental control services, growing our paid subscriber base 28% sequentially and putting us on a trajectory to exceed our goal of doubling our subscriber count in 2020Patrick Lo, Chairman and Chief Executive Officer of NETGEAR, commented,

NTGR is currently trading at $32.81. It has traded in the range of $15.01- $36.87 in the last one year.

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