CARLSBAD, Calif. (AP) 鈥� CARLSBAD, Calif. (AP) 鈥� Arlo Technologies Inc. (ARLO) on Thursday reported second-quarter profit of $3 million.
On a per-share basis, the Carlsbad, California-based company said it had net income of 3 cents. Earnings, adjusted for stock option expense and non-recurring costs, were 28 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 20 cents per share.
The maker of smart connected devices posted revenue of $155.9 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $148.5 million.
For the current quarter ending in September, Arlo Technologies expects its per-share earnings to range from 17 cents to 23 cents.
The company said it expects revenue in the range of $140 million to $150 million for the fiscal third quarter.
Arlo Technologies expects full-year earnings in the range of 90 cents to $1 per share, with revenue ranging from $580 million to $600 million.
Arlo Technologies shares have climbed 11% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $15.47, a decline of roughly 4% in the last 12 months.
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