CARLSBAD, Calif. (AP) — CARLSBAD, Calif. (AP) — Arlo Technologies Inc. (ARLO) on Thursday reported fourth-quarter net income of $5.8 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Carlsbad, California-based company said it had profit of 5 cents. Earnings, adjusted for stock option expense and non-recurring costs, came to 22 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.
The maker of smart connected devices posted revenue of $141.3 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $135.6 million.
For the year, the company reported net income of $14.9 million, or 14 cents per share, swinging to a profit in the period. Revenue was reported as $529.3 million.
For the current quarter ending in March, 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 $135 million to $145 million for the fiscal first quarter.
Arlo Technologies shares have decreased 12% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $12.34, a rise of almost 4% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ARLO at https://www.zacks.com/ap/ARLO
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